The UK’s Financial Conduct Authority (FCA) has outlined its business priorities for the year ahead and has put a focus on challenges presented by the coronavirus crisis.
Due to the issues caused by the current pandemic, the FCA is doing what it can to ensure financial services businesses are given the support they need. It will also help people avoid scams and ensure people know what is expected of them, in terms of compliance.
Over the course of the coronavirus crisis, the FCA will help the most vulnerable get access to the financial services they need, help consumers avoid scams that appear in the market and offer fair treatment for consumers and small firms by making sure firms give strong and clear support to customers.
The FCA will also keep the markets thworking and aim to mitigate firm failures.
Looking ahead to the medium term, the FCA will ensure consumers can rely on safe and accessible payments to receive their pa or benefits, settle bills and access cash. It will also ensure people do not get into unaffordable debt and are treated well if they do.
The regulator will help people make effective investment decisions about their savings and are not exposed to risky or poor value products. Finally, it is looking to ensure customers are offered fair value products and not being treated unfairly.
The FCA will also transform its operations. This will include assessing its entire system from the ata it collects, how it analyses, manages and shares intelligence across the organisation and how it decided which firms and individuals can operate.
To deliver on these goals, the regulator is building its capacity by investing in skills, systems, people and technology, it said.
FCA interim chief executive Chris Woolard said, “In a matter of weeks, coronavirus has altered the UK’s financial landscape dramatically. At times like this it is more important than ever that the FCA leads the way on the protection of consumers, firms and the markets.
“Our Business Plan recognises the impact of coronavirus on the financial services industry, while looking forward at how we transform the FCA’s operations in future.”
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