The FCA has also announced that it plans to begin a review of aspects of the rules on the scope and coverage of Financial Service Compensation Scheme pay-outs, for specific regulated activities.
The Business Plan commits the FCA to becoming a regulator for the whole of the UK. At present the FCA has offices in London and Edinburgh. It is exploring opening an office in Leeds with at least 100 staff based there in the first phase; doubling headcount in Edinburgh to over 200 over the next 2 years; and establishing a presence in Belfast and Cardiff for the first time by the end of the year.
Overall the FCA has some bold plans for the forth-coming year with overarching focus is on two main themes:
- To use its authority and influence to improve overall market outcomes in financial services. To enable competition and innovation to prosper in the interest of consumers and ensure market integrity.
- To stop and prevent serious misconduct that leads to harm. Enforcing FCA rules to maintain trust and integrity in markets. To aim to act quickly and assertively to stop immediate harm and impose sanctions to punish offenders and deter others.