FCA Annual Report and Accounts 2018/2019

Regulatory Updates | 09/07/19

The FCA has published its Annual Report and Accounts for the year ended 31 March 2019. In the Annual Report the FCA provides details of its progress against the priorities outlined in its business plan for 2018/2019. The FCA summarises its work over the year in addressing its cross sector priorities: firms’ culture and governance; financial crime (fraud and scams) and anti-money laundering; data security, resilience and outsourcing; innovation, big data, technology and competition; treatment of existing customers; long-term savings, pensions and intergenerational differences; and high-cost credit. The FCA’s particular highlights for the year include:
• improving protection for users of high-cost credit;
• its work on stopping people becoming scam victims;
• promoting innovation, including with the launch of the Global Financial Innovation Network;
• preparations for EU Withdrawal;
• extension of the Senior Managers & Certification Regime to insurers;
• helping consumers take action on payment protection insurance; and
• improving outcomes for consumers in the asset management sector.
The Report also outlines progress in sector-specific work undertaken by the FCA within its seven sector priorities (wholesale financial markets; investment management; pensions and retirement income; retail banking; retail lending; general insurance & protection; and retail investments).