FCA unveils ambitious plans for 2024-25 to deliver better outcomes for consumers and markets

The Financial Conduct Authority (FCA) has released its Business Plan for 2024-25, outlining its goals and priorities for the final year of its 3-year strategy. The FCA’s mission is to achieve better outcomes for consumers and markets, and it has set an ambitious program of work to achieve this goal.

The Chief Executive of the FCA, Nikhil Rathi, stated that the organization has already made significant progress towards its bold vision, including introducing the Consumer Duty and proposing important reforms to wholesale market regulation and the listing regime. He also expressed a commitment to support the financial sector’s vital role in the UK’s long-term economic growth and embrace the potential benefits of technology while protecting consumers and ensuring market integrity.

The FCA will continue to deliver on the 13 commitments outlined in its strategy, which focuses on preventing serious harm, setting higher standards and promoting competition. The introduction of the Consumer Duty marked a major shift in setting higher and clearer standards for consumer protection. This has already led to changes in savings rates and fees by firms. The FCA will continue to use data to spot and stop harm faster, be more assertive and tougher on firms that could cause harm.

The FCA is making better use of data to identify potential risks and prevent harm. In 2023, it removed over 10,000 potentially misleading adverts and sent out 2,243 warnings about unauthorised firms and individuals. It also cancelled more firm permissions than the previous year for not meeting minimum standards. The FCA is adapting its rules and processes to ensure the UK remains an attractive place for investment. This includes proposing major reforms to the listing regime to encourage a wider range of companies to list in the UK and compete globally.

Overall, the FCA is determined to become a more outcomes-based, assertive, and data-led regulator. Its actions in recent years have demonstrated a commitment to protecting consumers and promoting market integrity, and the planned programme of work for 2024-25 builds on this progress.In conclusion, the FCA’s Business Plan for 2024-25 outlines an ambitious agenda for its final year of the current 3-year strategy. By focusing on key areas such as consumer protection, using data more effectively, and improving the regulatory environment, the FCA aims to achieve better outcomes for consumers and markets while supporting the growth of the financial sector in the UK.