As part of the Panel’s aim to provide early and effective practitioner input into the FCA’s policy development, it has established a number of strategic priorities which are reviewed on at least an annual basis
The priorities enable the Panel to pursue its own agenda as well as following the consultation agenda of the FCA. The Panel aims to work closely with the FCA in developing its key priority areas and establish its new areas of focus as the FCA embeds its own strategic plans.
The Panels' priority areas for 2024-25 are:
1. Better understanding and influencing the FCA’s approach to prioritisation ensuring there is a clear connection between objectives, priorities and activities driving desired outcomes.
2. Embedment and maturation of the Consumer Duty, including:
- Approach to “Closed products”
- Application of “fair value” assessments
- FOS alignment and effectiveness of “wider implications” approach
- Areas of risk in terms of misalignment / misunderstanding
- Simplification of the existing FCA rulebook
3. Revised approach to the provision of advice and guidance, including:
- Clear specification of the societal challenge and the desired outcomes
- Explicit articulation of challenge from consumer and firm perspectives
- Recognition that “advice” and “guidance” will require different approaches
- Proportionate approach to addressing each challenge
4. More clear and consistent approach to policy and its proportionate application, including:
- Encourage applying lessons learned from past policy
- Data-based outcome tracking to identify potential gaps
- Highlight where supervisory approach to implementation may not align with intended policy design and outcomes sought
5. Effective consideration of the perimeter, including:
- Big Tech
- Critical Third Parties
- Crypto
- Appropriate transition for “challenger” organisations
- Unsecured credit (credit reference agencies; buy-now-pay-later)
6. Embracing the future of data and technology (especially AI), including:
- Tackling financial crime, fraud, scams and online safety
- Regulatory principles / systems and controls
- Development frameworks / Sandboxes
- Digital identity
7. Practical application of secondary objective on competitiveness and growth