FCA Launch Business Plan 2018/19


The Financial Conduct Authority (FCA) has issued its Business Plan for 2018/19

The focus continues to be focusing on areas where they consider there is most risk of potential customer harm:


-Culture- Getting the right culture for your business and encouraging good staff behaviour to drive  outcomes which will, benefit the customer. Their recent Staff Incentives policy statement (PS18/07) with new rules in October 2018 is an example of this (see NPA members web).

-High-cost credit- considering alternatives and achieving better results for customers

-Creditworthiness- continuing their approach from 2017/18

-Data protection and security–working with the ICO on GDPR implementation, with a particular focus on data security and resilience and outsourcing.

-Anti-Money Laundering (AML), tackling financial crime, including fraud and scams.

-Driving Competition- particularly through Big Data and technology in the banking sector with initiatives such as open banking.

-Senior Managers Regime (SMCR)- will be introduced for Consumer Credit Firms in 2019