The FCA's Progress to Reduce Harm and Support Growth through 2021

The Financial Conduct Authority (FCA) is working to protect consumers and help firms stay compliant with high standards in the financial services sector. In the past year, the FCA has halted 627 firms from operating that do not meet the minimum standards, an increase of 30% from the previous year. The FCA also promotes competition by removing barriers to entry and encouraging innovative products in the market place. It estimates that for every pound spent on its operations last year, firms and individuals have seen a benefit of £17, indicating the effectiveness of the FCA’s initiatives. In addition, the proposed reforms to listing will make it easier for companies to access capital. The FCA also works with firms to help those struggling with debt due to the increasing cost of living and ensures all Retail Financial Services implement the new Consumer Duty focused on good consumer outcomes. In the first 12 months of its strategy, the FCA has made significant progress and has published details of this forward momentum.