The UK’s Financial Conduct Authority has today published its annual Mission statement, which explains to businesses and consumers how it plans to prioritise its allocation of resources over the year ahead.
At the same time, it has also published its 2017/2018 Business Plan; a consultation on the fees it charges UK-regulated financial services businesses; and, for the first time, what it is calling “Sector Views”, which it says highlights “the issues and developments the FCA sees in the sectors it regulates”.
The fees consultation is accompanied by a reminder that the FCA is funded entirely by the fees and levies it recovers from the firms it regulates, and that this includes not just the FCA but the Financial Ombudsman Service as well, apart from some “case fees”, and the Money Advice Service.Comments are due by 9 June.
In a statement accompanying the release of the documents in London this morning, FCA chief executive Andrew Bailey said the Mission “gives firms and consumers greater clarity about how and why we prioritise, protect and intervene in financial markets”.
The FCA will “continue to make difficult decisions”, he added.
“[But] when we make regulatory judgments, we will be more transparent about how we reached them, as we know that this is something our stakeholders want.”
Bailey said its recent consultation on the way forward had revealed a desire on the part of the FCA’s “stakeholders” to become “involved in a discussion about the role of regulation”.
Those attending a conference on the matter as well as those who responded to the FCA’s Mission consultation, he went on, “were all keen for us to build on this work, and deliver change that increases the transparency of our processes and decision making”.
To see a 45-second video of Bailey discussing these matters, click here.
To read and download the 138-page fees consultation document, FCA Regulated Fees and Levies: Rates Proposals 2017-1018, as a pdf, click here.