2016年-FCA英国金融行为监管局_annual_report_2015_16_135页_6mb

Annual Report and Accounts 2015/16 Summary - Financial Conduct Authority

Core Content

The Financial Conduct Authority (FCA) Annual Report and Accounts for the year ended 31 March 2016 outlines the organisation's performance in delivering its strategic and operational objectives. The report highlights the FCA's focus on market integrity, consumer protection, and promoting competition in the UK financial services sector. It also reflects on the challenges posed by the external environment, including sluggish global economic growth, new regulations, and the UK's decision to leave the European Union.

Main Points

Strategic Objectives

• Ensure markets work well: The FCA's primary strategic objective is to ensure that financial services markets operate effectively and fairly.
• Protect consumers: The FCA actively works to safeguard consumers through regulation, enforcement, and redress schemes.
• Enhance integrity: The organisation focuses on maintaining the integrity of the UK financial system by addressing misconduct and improving standards.
• Promote competition: The FCA supports competition across financial markets to benefit consumers and ensure fair treatment.

Operational Focus Areas

1. A Strategic Markets-Led Approach to Regulation

• The FCA has shifted its regulatory focus towards a markets-based approach, allowing it to better understand and address sector-wide issues.
• Launched four new market studies or calls for input:
  • Investment and corporate banking
  • Asset management
  • Mortgage competition
  • 'Big Data' in general insurance
• Conducted thematic reviews on various issues including:
  • Oversight and control of financial benchmarks
  • Debt management advice
  • Treatment of long-standing customers
  • Suitability of investment portfolios
• Implemented recommendations from the Fair and Effective Markets Review in the wholesale sector, focusing on FX markets.
• Launched the Innovation Hub, which has supported 230 firms in the development of new financial products and services.
• Published a RegTech Strategy and a Call for Input to adapt to technological changes in the industry.

2. Protecting Consumers

• Took proactive and reactive steps to protect consumers, including:
  • Finalising the Retirement Income Market Study with proposed remedies for the pensions sector.
  • Publishing a discussion paper on the needs of an ageing population.
  • Successfully integrating over 25,000 consumer credit firms into FCA regulation.
  • Authorising over 33,000 firms to carry out consumer credit activities.
  • Launching the ScamSmart campaign, which attracted over 94,000 visitors to its website.
  • Issuing 185 consumer alerts and reviewing over 8,400 reports of potential unauthorised activity.
  • Imposing £884.6m in penalties, banning 24 individuals, and securing 32 years and nine months of jail sentences in enforcement actions.

3. Individual Accountability

• Implemented the Senior Managers and Certification Regime (SM&CR), which covers over 41,000 individuals in nearly 1,000 firms.
• Published new rules on remuneration in the banking sector.
• Introduced whistleblowing rules to enhance transparency and accountability.
• Took enforcement actions against firms and individuals who failed to meet regulatory standards.

4. Risk Management and Regulatory Efficiency

• Adopted a proportionate and sector-focused supervision model, reducing costs and keeping fees flat for 2016/17.
• Conducted proactive monitoring and assessment of firms on specific issues like client asset management, prudential limits, and compliance with financial crime requirements.
• Published an annual Risk Outlook and used intelligence from internal and external sources to assess and manage risks effectively.

5. International Engagement

• Hosted the 40th IOSCO Conference and continued its leadership in international regulatory fora.
• Received positive findings in the IMF FSAP assessment of the FCA's regulatory framework.
• Engaged in bilateral discussions with global regulators to influence policy and technical standards.

Key Information

• Staffing and Culture: As of 31 March 2016, the FCA had 3,337 staff, with a 11.5% turnover rate. The organisation improved its ranking in Stonewall's Top 100 Employers from 82 to 40.
• Training and Development: Delivered 6,400 training days to staff, including leadership programmes and joint MSc in Financial Regulation with Henley Business School.
• Diversity: 45% of managers and 50% of the Board are women, though the FCA acknowledges the need for greater Black, Asian, and minority ethnic representation.
• Internal Changes: The FCA experienced significant leadership changes, including the appointment of Andrew Bailey as Chief Executive from 1 July 2016, and the departure of Amanda Davidson, Mick McAteer, and Brian Pomeroy from the Board.
• Regulatory Impact: The FCA has been a capable and expert prosecutor of complex financial crimes, including the Operation Tabernula investigation, which resulted in two convictions.

Conclusion

The FCA's 2015/16 Annual Report and Accounts reflect its ongoing commitment to market integrity, consumer protection, and effective competition. It outlines the organisation's strategic and operational successes, challenges, and future direction in a changing regulatory landscape. The report also highlights the importance of staff development, diversity, and international collaboration in achieving its goals.