FCA Business Plan 2016/17
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1 FCA Business Plan 2016/17 Risk & reward Bovill Briefing
2 Overview Introduction Continuing themes The FCA s 7 priorities The FCA s focus What do we think? What it means for you
3 Introduction Our aim is to identify and respond promptly and effectively to emerging issues, before they cause significant harm or grow in scale Many issues presented in this year s Business Plan are carried over from last year s list of key priorities for the FCA Ever increasing focus on individual accountability at firms Risks and rewards regarding innovation and development of technology Increased development of alternative approaches
4 Key words in this year s plan
5 Continuing common themes Culture and controls Increasing complexity in business models Technological innovation and encouraging new business Act in the interests of existing, as well as new customers Boards have a critical role in setting the tone from the top. We expect them to take responsibility for their firm s culture, ensure it remains high on firms agendas and that the tone is replicated throughout the firm.
6 FCA 2016/2017 risk outlook priorities Pensions Financial crime and anti-money laundering Wholesale financial markets Advice Innovation and technology Culture and governance Treatment of existing customers
7 Pensions Risks Consumers unwilling or unable to contribute to pensions Choices facing consumers are increasingly complex Variety of options available create different risks High costs and uncapped fees in pension products disproportionately reduce consumer funds Responses Review on retirement incomes Developing a cap on early exit charges Educating consumers on scams Reviewing the effectiveness of IGCs Consumer protection model for the secondary annuities market
8 Financial crime Risks Firms with weak checks and controls Reduction in investment in systems and controls - online financial crime & cyber attacks increasing Banks de-risking restricts access to financial markets for consumers Vulnerability of consumers to fraudsters; in particular pensions Responses Implementation of 4MLD The Financial Crime Data Return Enforcement Drive to encourage whistleblowing Responding appropriately to de-risking
9 Wholesale financial markets Risks Market volatility as uncertainty about the global economic outlook continues Financial results being prioritised over good conduct Continuing poor management of conflicts of interest, particularly around trader controls in wholesale banks Responses Introduction of MAR MiFIR asset reporting SMR across entire industry Implementation of MiFID 2 Asset management market study report
10 Advice Risks Consumers need support / accessible advice to a range of options Consumers not using paid-for advice due to cost Complex, opaque charging structures used by advisers discourages consumers Sales over suitability Responses Supervisory focus on advice Implementation of the recommendations from FAMR
11 Innovation and Technology Adoption of technology limited by infrastructure vulnerabilities Firms remain reliant on complex IT systems Tighter margins leading firms to outsource more Cyber-attacks increasing FCA Response: Regulatory Sandbox Big data review Operational resilience work Supporting robo advice
12 Culture and governance Poor cultures result in poor outcomes Business models and governance arrangements not aligned with values and good conduct Incentive structures too short term Weak governance and lack of accountability FCA Response: SMR Remuneration Performance management focus Ongoing dialogue with industry
13 Treatment of existing customers Moving existing customers into more expensive products Growing number of over-indebted mortgage holders Restructuring products Applying unjustified exit/switching fees Consumers weak bargaining position FCA Response: Consider CMA findings Follow-up to cash savings market study Additional work surrounding long-standing customers in life insurance sector
14 Brexit more or less regulation? Barely mentioned in the business plan Breaking free from the shackles or more scope for FCA gold plating? Difficult untangling process guaranteed Future of passporting would be unclear The UK s referendum on remaining part of the European Union will take place on 23 June As part of our normal activities, we are considering the issues that may arise, and that could have the potential to impact our objectives. This includes considering the immediate and short-term consequences of any vote to leave the EU, such as the potential for increased market volatility. The longer term consequences of any vote to leave would depend on the UK s eventual relationship with the EU, which would depend on the outcome of negotiations between the UK Government and the EU.
15 Programme of ongoing activities A flavour of things to come. Retail Lending Competition in mortgage sector Mortgages: embedding MMR Credit card market study Pensions & Retirement Income Retirement outcomes review Annuities sales practices review Retail Investments Inducements and conflicts of interest review Wholesale Banking & Investment Management Asset management market study Retail Banking Packaged bank account review
16 What it means for you The focus remains on consumers and the implementation of regulatory change Culture is still very much top of the agenda SMR is coming to all firms Review and improve your processes around: conflicts of interest financial crime and AML corporate governance The development of new technology and innovation for consumers are at the forefront of what the FCA wants to achieve
17 Questions?
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