The Financial Conduct Authority (FCA) has outlined an ambitious business plan for the year 2024/25, focusing on protecting consumers, ensuring market integrity, promoting effective competition, and supporting the international competitiveness and growth of the UK economy. The plan details a range of initiatives aimed at addressing economic and geopolitical uncertainties, including higher inflation, borrowing costs, and global financial risks.
Focus on Consumer Protection and Market Integrity
One key focus of the plan is on protecting consumers, with initiatives such as embedding the Consumer Duty, supporting long-term financial wellbeing, and using Artificial Intelligence (AI) to prevent fraud and scams. The FCA also aims to ensure that pension products deliver value for money and that consumers better engage with their pensions. Additionally, the plan emphasizes the importance of operational resilience, aiming to protect colleagues and consumers, ensure market integrity, and promote effective competition.
“The FCA aims to ensure that pension products deliver value for money and that consumers better engage with their pensions. ”
Impact on UK Financial Services Sector
The FCA’s business plan also underscores its commitments to reducing and preventing financial crime, putting consumers’ needs first, and strengthening the UK’s position in global wholesale markets. The plan sets out a significant budget increase, driven by ongoing regulatory activities, exceptional projects, and capital expenditure to develop technology and information systems. The authority’s strategic focus on addressing economic challenges, protecting consumers, and driving innovation is set to have a significant impact on the UK financial services sector in the coming year.
Read more here at https://www.fca.org.uk/publications/business-plans/2024-25
