The Financial Conduct Authority (FCA) has published its Annual Report and Accounts, which looks back on the key pieces of work undertaken by the organisation throughout 2016/17.
Highlights from this year include:
- our market study on the asset management industry,
- our work on PPI leading up to our proposals for a time-limit on claims,
- the design of rules to implement the Market Abuse Regulation and MiFID II, and
- a continued emphasis on encouraging technological innovation.
The FCA has also begun work in preparation for Brexit.
“The FCA is now four years old: it has come a long way in that time”, said John Griffith-Jones, Chairman of the Financial Conduct Authority. “This year has seen Andrew Bailey take over as Chief Executive. He has driven the development of our Mission, supported by our sector views and an extensive programme of work, as set out in our Business Plan.
“Measuring our regulatory effectiveness is not straightforward. While we set out our inputs and our outputs, the all-important outcome of harm prevented or improvements achieved through deterrence cannot be readily quantified on an annual basis. With longer-term hindsight, patterns and trends will be more obvious. In the meanwhile, surveys among stakeholders, including firms and consumers, provide current soft evidence and it is encouraging to see that confidence in the FCA as a regulator continues to improve.”
The FCA’s Annual Public Meeting will be held on 18 July 2017 at the Queen Elizabeth II conference centre.
Notes to editors
- The full text of the annual report[1].
- The FCA is also publishing today separate annual reports on Competition[2], Enforcement[3], Anti-Money Laundering[4] and Diversity[5].
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[6].