The Financial Conduct Authority (FCA) has outlined its programme of work for the final year of its three-year strategy to achieve better outcomes for consumers and markets, including plans to continue its work on the Advice/Guidance Boundary Review.

The FCA’s 2024/25 Business Plan discussed the watchdog's plans to deliver on the 13 commitments outlined in its strategy, which focuses on preventing serious harm, setting higher standards and promoting competition.

In particular, the FCA said it would prioritise protecting consumers by testing if firms are meeting the high standards set by the Consumer Duty, contributing to UK competitiveness and growth, and building on the progress already made to become a data-led regulator.

The Advice/Guidance Boundary Review is expected to be a key part of the FCA's efforts to protect consumers, as the watchdog said that it will "seek to support long-term financial wellbeing for consumers and unlock innovation in retail investment markets" through this work.

To support this work, it confirmed that £1.9m will be invested in its joint work with the government to facilitate industry innovation in how firms support customers in their investment and pensions decisions.

The FCA is also set to publish a response on its Advice/Guidance Boundary Review discussion paper, outlining the options for future legislative and regulatory reform to enable consumers to have access to the help and guidance they need, at a cost they can afford, to make informed decisions.

In addition to this, the FCA said that it is currently working to ensure consumers better engage with their pensions, continuing to develop its use of artificial intelligence (AI) to help prevent fraud and scams to improve the experience of consumers and firms when they contact the watchdog.

The FCA’s plan also confirmed that the watchdog has returned fees of £0.2m for Financial Promotions and £0.2m for Pensions Dashboard which it did not use.

FCA chief executive, Nikhil Rathi, added: "We’ve already made significant progress in delivering against the bold vision we set out in our strategy two years ago, including the game-changing introduction of the Consumer Duty and proposing the most far-reaching reforms to wholesale market regulation and the listing regime in decades.

"We remain resolute in supporting the vital role the financial sector plays in the UK’s long-term economic growth, embracing the potential benefits that technology presents both for us and the firms we regulate, while also continuing to protect consumers and ensure market integrity."

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