2016年-FCA英国金融行为监管局_business_plan_2016_17_56页_3mb

2016/17 Business Plan Summary

Core Content

The 2016/17 Business Plan outlines the strategic priorities and operational objectives of the Financial Conduct Authority (FCA) for the coming year. The FCA is responsible for regulating over 56,000 firms and 125,000 approved persons in the UK financial services sector. It serves as both the conduct regulator and the prudential regulator for more than 24,000 firms. The plan emphasizes the importance of protecting consumers, promoting competition, and enhancing market integrity to ensure that financial markets work well.

Main Objectives

The FCA has three key operational objectives:

• Protect consumers: Ensure an appropriate level of consumer protection.
• Protect financial markets: Maintain and enhance the integrity of the UK financial system.
• Promote competition: Encourage effective competition in the interests of consumers.

Key Themes and Priorities

The FCA has identified seven priority themes for the year, which guide its regulatory activities:

1. Pensions

• The pension freedoms introduced in 2015 have increased consumer choice but also introduced risks.
• The Retirement Outcomes review will assess how well the market is functioning.
• A framework for the new secondary annuities market is being developed.
• A cap on exit fees in certain pension contracts is being considered.

2. Financial Crime and Anti-Money Laundering

• The FCA continues to combat financial crime and protect consumers and markets.
• It collaborates with law enforcement and industry to take tough action against wrongdoers.
• The ScamSmart campaign aims to educate consumers on how to protect themselves.
• Technology solutions are being explored to improve anti-money laundering outcomes.

3. Wholesale Financial Markets

• The FCA is focusing on improving the integrity and efficiency of wholesale markets.
• It will extend the Senior Managers and Certification Regime to the Fixed Income, Currencies and Commodities markets.
• The MiFID II regime is expected to significantly improve the service provided to clients in both retail and wholesale markets.

4. Advice

• The FCA is committed to ensuring an accessible and affordable advice market.
• It will address issues in the treatment of long-standing life insurance customers.
• Remedies will be introduced to promote shopping around, switching, and transparency in the cash savings market.

5. Innovation and Technology

• The FCA aims to foster innovation while ensuring compliance and consumer protection.
• The Regulatory Sandbox will provide a safe environment for firms to test new ideas.
• The FCA is focusing on how technology can make compliance easier and more effective.

6. Firms' Culture and Governance

• Poor culture and poor conduct are closely related, and the FCA emphasizes the importance of industry-led cultural change.
• The Senior Managers and Certification Regime is being implemented and extended.
• The FCA is working to ensure effective governance across the sector.

7. Treatment of Existing Customers

• The FCA is committed to ensuring fair treatment of existing customers.
• It is focused on improving consumer experience, effective remedies, and getting better service.

Key Data and Statistics

• 56,000 firms and 125,000 approved persons are regulated.
• 1.1 million increase in the over 65s population by 2020.
• 85+ age group is the fastest-growing in the UK.
• 7% of the UK workforce is self-employed.
• 26% of first-time buyers took out a 35-year mortgage in 2015.
• 20.1 million UK households have motor insurance.
• 3 million people are struggling with problem debt.
• 2 million UK adults do not have a bank account.
• £250 million was paid out in redress by payday lenders.
• 1,004 new firms were authorised in 2015.
• 134,000 consumers were helped by the contact centre in 2015.
• 200,000 people visited the ScamSmart hub.

Risk Outlook

The FCA uses a judgement-based, forward-looking, and preemptive approach to assess risks to its objectives. It is influenced by macro-economic, socio-economic, regulatory, and technological developments. Key risk factors include:

• Slow economic recovery from the 2008-9 recession.
• Low inflation and interest rates, which may encourage higher levels of debt and riskier investments.
• Global economic and political uncertainties, such as geo-political tensions and emerging market slowdowns.
• Changing demographics, including an aging population and an increase in self-employment.

FCA's Approach to Regulation

• The FCA aims to embed a sustainable model of regulation for the long term.
• It takes a markets-based approach, differentiating its regulatory strategies across sectors based on their specific risks.
• The FCA seeks to balance proportionality and effectiveness in its regulation, allowing innovation while ensuring consumer protection.
• It is committed to transparency and accountability, monitoring and reporting on performance factors such as business plan commitments, service standards, and operational effectiveness.

Additional Key Workstreams

• The FCA continues to work with industry and consumers to develop policy and practice.
• It is focused on constructive deterrence, which aims to prevent issues from arising through proactive engagement.
• The Live & Local regional programme is designed to reach firms more effectively.
• The FCA is involved in EU and international policy to maintain the wellbeing of the UK market.

Conclusion

The FCA is determined to ensure markets work effectively and fairly, using enforcement powers where necessary. It remains committed to collaborative regulation, stakeholder engagement, and long-term sustainability. The plan sets out a clear direction of travel for the FCA, emphasizing proactive risk management, innovation, and consumer protection.