2014年-FCA英国金融行为监管局_business_plan_2014_2015_44页_2mb

2014/15 FCA Business Plan Summary

Core Content

The Financial Conduct Authority (FCA) Business Plan for 2014/15 outlines its strategic objectives and operational priorities, emphasizing the importance of consumer protection, market integrity, and effective competition. The plan reflects the FCA's commitment to a fair and transparent financial services industry, with a focus on regulating new areas, addressing legacy issues, and improving supervisory practices.

Main Objectives

• Ensure relevant markets function well

  • Promote integrity in the financial industry
  • Enable consumers to trust firms and access appropriate products and services

• Secure appropriate consumer protection

  • Monitor and address risks that may harm consumers
  • Act swiftly against misconduct and ensure fair treatment

• Enhance market integrity

  • Investigate and mitigate risks across all sectors
  • Use market studies and thematic reviews to identify and address issues

• Build competitive markets

  • Encourage innovation and reduce barriers to entry
  • Promote effective competition in the interests of consumers

• Regulate consumer credit

  • Take over regulation from the Office of Fair Trading (OFT) on 1 April 2014
  • Apply rules proportionately to improve standards in the consumer credit sector

Key Activities and Initiatives

1. Consumer Credit Regulation

• The FCA assumes responsibility for regulating up to 50,000 consumer credit firms, including payday lenders and debt-management companies.
• Introduces a price cap on high-cost short-term credit effective from 2 January 2015.
• Conducts market studies and thematic work on credit cards and high-cost short-term credit.

2. New Regulatory Responsibilities

• Prepares for the launch of the Payment Systems Regulator (PSR) in April 2015, which will be a separate legal entity under the FCA.
• The PSR will focus on promoting competition and innovation in the UK's retail payment systems.

3. Competition Law Enforcement

• From April 2015, the FCA will be a concurrent regulator with the Competition and Markets Authority (CMA) for enforcing competition law in financial services.
• Builds internal capabilities and processes to support this role, including staff training and collaboration with the CMA.

4. Risk-Based Supervision

• Uses a risk-based model to identify and prioritize risks to its objectives.
• Focuses on firm culture, business models, and remuneration practices to ensure they align with consumer interests and market integrity.
• Encourages accountability among senior managers and certified persons through new regimes.

5. Market Studies and Thematic Reviews

• Conducts market studies in both wholesale and retail markets to assess competition and weaknesses.
• Focuses on areas such as life insurance, consumer credit, and benchmarks.

6. Enforcement Actions

• Uses enforcement tools to deter wrongdoing, including fines, withdrawal of authorizations, injunctions, and prosecution of financial crimes.
• Has already taken action against LIBOR manipulation, misselling, and AML failings.

7. Legacy Issues

• Continues to address mis-sold PPI and interest rate hedging products, ensuring consumers receive appropriate redress.
• Works on the Mortgage Market Review (MMR), with most changes coming into effect on 26 April 2014.

8. International Engagement

• Engages in international regulatory forums, including the European Securities and Markets Authority (ESMA), International Organisation of Securities Commissions (IOSCO), and Financial Stability Board (FSB).
• Supports the implementation of MiFID 2 and the Alternative Investment Fund Managers Directive (AIFMD).
• Works on the Fourth Money Laundering Directive and collaborates with global regulators on cross-border enforcement.

9. Internal and External Collaboration

• Coordinates with the Prudential Regulation Authority (PRA), Bank of England, Financial Ombudsman Service, and other UK authorities.
• Maintains relationships with Serious Fraud Office, National Crime Agency, and City of London Police.

10. Cultural Change and Communication

• Pushes for a culture of good conduct across the financial industry, from boardrooms to high street branches.
• Communicates clearly and constructively with consumers, firms, and stakeholders to address the expectations gap.
• Invests in staff training and development to attract and retain top talent.

Conclusion

The FCA aims to strengthen conduct standards in the UK financial services industry by focusing on consumer protection, market integrity, and effective competition. It will expand its regulatory scope, take on new responsibilities, and continue to work closely with both domestic and international regulators to ensure a fair and transparent financial system. The plan highlights a proactive, risk-based approach and a commitment to cultural change within the industry.