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2009/10 FSA Business Plan Summary

Core Content

The 2009/10 Financial Services Authority (FSA) Business Plan outlines the strategic direction and operational focus of the FSA in response to the global financial crisis. It emphasizes the need for more effective, outcomes-focused regulation, enhanced supervision of firms, and improvements in consumer protection and financial capability. The plan also details the increased financial resources required to support these initiatives and highlights the importance of international cooperation in shaping regulatory frameworks.

Main Viewpoints

1. Financial Stability and Supervision of Firms

• The FSA recognizes the ongoing financial crisis and its impact on the global economy.
• A key focus is on managing risks such as valuations, asset quality, deleveraging, lending outlook, business models, corporate defaults, and market consolidation.
• The FSA is committed to risk-based, proportionate, and outcomes-focused supervision.
• The Supervisory Enhancement Programme has been launched and is expected to be fully embedded by 2009/10, with 280 additional staff already recruited.
• Supervision will be intensified, particularly for systemically important firms, and will focus on competence, risk identification, and technical support.

2. Promoting Efficient, Orderly, and Fair Markets

• The FSA aims to ensure fair treatment of consumers and effective market functioning.
• Enforcement is a central component, with a focus on credible deterrence against market abuse and irresponsible behavior.
• The FSA will increase enforcement activity, including sanctions and penalties, and will target individuals with significant influence functions.
• Treating Customers Fairly (TCF) is a key regulatory agenda, and the FSA will strengthen its focus on this principle.

3. Helping Retail Consumers Achieve a Fair Deal

• The FSA is committed to improving financial capability and consumer protection.
• It will continue to work on transparency and consumer education, especially in a time of eroded trust in the financial services industry.
• The Retail Distribution Review and review of the UK Listing Regime are among the initiatives aimed at improving consumer outcomes.

4. Improving Business Capability and Effectiveness

• The FSA is investing in staff recruitment, training, and competence to support its new supervisory approach.
• The Training and Competence (T&C) scheme will be expanded, with eight core modules and an updated induction process.
• A tenure policy will be introduced to ensure continuity of supervision.
• The FSA will focus on technical support in prudential and conduct risk areas, including recruitment of liquidity risk specialists.

5. Budget and Funding

• The Annual Funding Requirement will increase by 36.5% (from £357.7m to £437.7m) to support the enhanced supervisory and regulatory approach.
• This increase is due to additional staff, new technology, and contingency costs.
• The minimum fee rates will not be increased, which benefits 10,000 small firms.
• Redistribution of fines from 2008/09 will also impact the total amount paid by firms, with an estimated 6% reduction in 2009/10.

Key Information

International Regulatory Reforms

• The FSA will publish a Discussion Paper (DP) in March 2009 on reforming international banking regulation.
• The DP will address capital, liquidity, accounting, and prudential coverage of shadow banking institutions.
• The FSA will work closely with international bodies such as the Financial Stability Forum and the Basel Committee.

Banking Bill Implementation

• The Banking Bill, currently under consideration by Parliament, will provide new tools to the Tripartite Authorities (FSA, Bank of England, and FSCS) to prevent and manage bank failures.
• It includes the Special Resolution Regime (SRR) and statutory oversight of inter-bank payment systems.
• The FSA will collaborate with the Treasury and FSCS to ensure effective implementation.

Enforcement and Deterrence

• The FSA will continue to enforce regulations and use disciplinary sanctions (criminal, civil, and administrative) to promote responsible behavior.
• Custodial sentences will be used as a deterrent in cases of market abuse.
• The FSA will pursue insider dealing prosecutions and ensure enforcement actions are taken against firms and individuals that fail to treat customers fairly.

Conclusion

The FSA's 2009/10 Business Plan reflects a strategic shift toward more effective and outcomes-focused regulation, with a clear emphasis on financial stability, consumer protection, and international cooperation. It acknowledges the need for increased resources and staffing, while also ensuring that the fee structure remains fair and cost efficiency is maintained. The plan is designed to respond to the crisis, improve the regulatory framework, and restore confidence in the financial system.