2017年-FCA英国金融行为监管局_business_plan_2017_18_102页_2mb

Business Plan Summary (2017/18)

Core Content

The 2017/18 Business Plan of the Financial Conduct Authority (FCA) outlines the organization's strategic priorities and operational objectives for the upcoming year. It emphasizes the importance of protecting consumers, promoting competition, and enhancing market integrity. The plan is grounded in a forward-looking risk assessment and is informed by the evolving financial landscape, including technological advancements, demographic changes, and the implications of Brexit.

Main Objectives

The FCA has three operational objectives:

1. Protect Consumers

   • Ensure an appropriate degree of protection for consumers.
   • Secure fair products and services, and build trust and engagement with consumers.
   • Improve consumer experience and ensure effective remedies are available.

2. Protect the Integrity of Financial Markets

   • Maintain and enhance the integrity of the UK financial system.
   • Ensure markets are clean and that firms are fit and proper.
   • Reduce financial crime and promote a respected, joined-up regulatory system.

3. Promote Competition

   • Encourage effective competition in the interest of consumers.
   • Ensure firms compete on clear costs and provide consumers with necessary information.
   • Support innovation and new methods of engaging with consumers.

Key Priorities

Cross-Sector Priorities

• Firms' Culture and Governance

  • Consult on the accountability regime for all FSMA firms.
  • Review the regulatory framework that governs remuneration.

• Financial Crime and Anti-Money Laundering (AML)

  • Prepare to review professional bodies' AML supervision.
  • Investigate how new technology can improve AML processes.
  • Roll out a ScamSmart campaign to warn of investment fraud.

• Promoting Competition and Innovation

  • Publish resources to help firms developing 'robo-advice' services.
  • Engage with regional and Scottish FinTech hubs.
  • Investigate near and real-time compliance monitoring to reduce regulatory burden.

• Technological Change and Resilience

  • Establish cyber co-ordination groups across five sectors.
  • Undertake technology and cyber-capability assessments on 'high impact' firms.
  • Analyse resilience risks in major initiatives like ring fencing and the Payment Services Directive II.

• Consumer Vulnerability and Access

  • Focus on the growing need for consumer protection in the face of an ageing population and low interest rates.
  • Publish the 'Consumer Approach' document to define the FCA's strategy for addressing consumer needs.
  • Continue work in the consumer credit sector, especially high-cost credit and overdrafts.

Sector-Specific Priorities

• Wholesale Financial Markets

  • Ensure effective implementation of MiFID II.
  • Continue to improve competition in investment and corporate banking.
  • Introduce changes to enhance the effectiveness of primary markets.

• Investment Management

  • Consult on proposed remedies in the asset management market.
  • Review policy options in relation to fund liquidity.

• Pensions and Retirement Income

  • Propose remedies to improve competition in the retirement income market.
  • Undertake initial work on the non-workplace pensions market.
  • Review non-advised drawdown sales.

• Retail Banking

  • Support the implementation of ring-fencing with other regulators.
  • Launch a strategic review of retail banking business models.
  • Run a communication campaign on the PPI complaints deadline.

• Retail Lending

  • Analyse the mortgage market and set out preliminary conclusions.
  • Monitor the debt management sector.
  • Undertake exploratory work on the motor finance industry.

• General Insurance and Protection

  • Review pricing practices in general insurance.
  • Assess the effectiveness of competition in the wholesale insurance market.

• Retail Investments

  • Assess the market for investment platforms and ways to improve competition.
  • Evaluate automated advice models.
  • Address risks in the Contracts for Difference market.

Regulatory Principles and Approach

The FCA operates under the Financial Services and Markets Act 2000 (FSMA) and follows eight key regulatory principles:

1. Efficiency and Economy
2. Proportionality
3. Sustainable Growth
4. Consumer Responsibility
5. Senior Management Responsibility
6. Recognising Business Differences
7. Openness and Disclosure
8. Transparency

The FCA also uses a three-tier performance measurement framework, which includes:

• Assessing internal operations against value for money criteria.
• Measuring the impact of interventions using available tools.
• Evaluating outcomes in the markets.

Brexit Considerations

• The UK's withdrawal from the EU will have significant implications for the FCA.
• The FCA is working closely with the Treasury and Bank of England to ensure a smooth transition of EU rules into the domestic framework.
• Five principles guide the FCA's advice to the Government during Brexit:
  • Cross-border market access.
  • Consistent global standards.
  • Cooperation between regulatory authorities.
  • Influence over standards.
  • Opportunity to recruit and maintain a skilled workforce.

Summary of Key Statistics

• 16 million people in the UK have under £100 in savings.
• £7.3bn cumulative lending in peer-to-peer platforms.
• 20.4 million UK households have contents insurance.
• £16bn withdrawn from cash points each month.
• 850,000 people living with dementia, including 1 in 6 over 80.
• £9.2bn withdrawn from pensions by 970,000 consumers since April 2015.
• 66% of workers are members of a workplace pension.

Conclusion

The FCA remains committed to maintaining a fair, competitive, and innovative financial services sector in the UK. It will continue to focus on consumer protection, market integrity, and effective supervision, while adapting to the challenges and opportunities posed by technological change, demographic shifts, and Brexit. The Business Plan sets out a clear strategy for achieving these goals, with a strong emphasis on transparency, proportionality, and a balanced approach to regulation and innovation.