Compound Growth

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6th January 2017

Update on FCA’s Future Mission

The start of 2017 has seen the FCA share some of the key themes from industry feedback so far in relation to their future mission as regulator.

The key themes that have started to emerge include:

• Desire for clarity and sense of direction;
• Vulnerable Customers;
• Rules vs Principles; and
• Engagement with Firms

The FCA is continuing to gather feedback before finalising their future mission. However at present it seems that a number of industry respondents would like to receive clearer explanation for the decisions the regulator makes (or doesn’t make), in addition to having a clear set of principles for business to work against, rather than prescriptive rules.   

FCA Mission Consultation

Since the FCA’s Mission is regarded as particularly important, the FCA’s current consultation (that began in October 2016) seeks the thoughts and opinions of those within the UK financial services industry.

The FCA have stressed that they would like the process of finalising the FCA’s Mission to be very open one, and one that results in setting a clear path for financial conduct regulation within the UK.

Industry participants that wish to comment should do so before the consultation ends on the 26th January 2017.

To make providing feedback easier, the FCA have created a short survey that may be completed based upon some of the key aspects of the consultation.

Update on FCA’s Future Mission 2017