The Financial Conduct Authority (FCA) has published its Business Plan for 2023/24, confirming plans to accelerate four areas of its work over the next 12 months through further investment and increased resources, given the "changing economic picture".

Marking the second year of the FCA's three-year strategy, the plan outlined an "ambitious programme" for the next 12 months to achieve better outcomes for consumers and markets.

In particular, the FCA said that it will continue to prioritise protecting people from unfair treatment, with more staff being allocated to ensure firms support consumers who are struggling financially. 

It also pointed out that the Consumer Duty, which is expected to play a leading role in meeting the FCA’s objective of putting consumers’ needs first, will come into force in July, committing to provide additional resource to make sure the transition is smooth for both consumers and firms.

The FCA also committed to continuing its “urgent work” with its partners and deliver the outcomes of the new Future Regulatory Framework (FRF) and Edinburgh Reforms, and said that it will continue to support innovative and high growth firms.

New cost benefit analysis panels will also be established to support the effectiveness of the FCA’s programme of work. 

The regulator's business plan also highlighted a need to strengthen the UK’s position in global wholesale markets, with the FCA to set out further proposals to reform the listing regime to attract world leading firms and encourage competition.  

In addition to this, the FCA said that it wants to use the opportunity provided by the FRF to see if improvements can be made to asset management regulation, confirming that it will look to bring forward proposals "later this year".
 
As part of the Edinburgh Reforms, the FCA will consult this year on consolidated tapes, which take data from across the wholesale market and distributes it in single, standardised feeds. 

The fourth area highlighted in the business plan was a focus on reducing and preventing financial crime, including plans for a strengthened authorisation process, improved assessments of regulated firms and more staff to investigate and prosecute offenders.
  
Alongside this, the FCA stated that it will continue to develop tools to find scam sites, revealing that it is already making progress in this area, with "hundreds" of websites taken down as a result and more than 1800 alerts being issued during 2022. 

The FCA has also published the consultation on its fees and levies for the year ahead, revealing plans to freeze application fees and the minimum fees firms pay in recognition of the pressure firms are under.

Commenting on the plan, FCA chief executive, Nikhil Rathi, said: "We set out a bold vision last year of what we wanted the FCA to be, and we are well underway to achieving our objectives thanks to our talented colleagues and the better use of technology and data across our organisation. 

"With many consumers across the UK struggling with the cost of living and markets events causing concern, we have put in place vital changes over the past few years which mean we’re better set up to face these challenges."

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