FCA annual reports and business plan published

The FCA published a number of annual reports alongside its Business Plan for 2021/22. The main FCA Annual report and accounts outlines the work the FCA has carried out in response to the pandemic, its key priorities, cross-cutting priorities and priorities within specific sectors.

The FCA also published:

• A report on the enforcement action the FCA took in 2020/21;
• A diversity annual report;
• An update on implementing recommendations from the independent reviews;
• The FCA response to the Complaints Commissioner’s Annual Report;
• Modern slavery and human trafficking statement.

The FCA’s Business Plan for 2021/22 includes specific actions around consumer credit.

The FCA wants borrowers to be treated fairly and be able to get affordable products that meet their needs. They intends to stamp out poor practice and encourage competition by:

• monitoring how firms support customers in financial difficulty and take action where needed;
• reviewing rules on debt advice to ensure consumers get high-quality debt advice;
• working with the Treasury on developing new rules for the Deferred Payment Credit sector; and
• re-starting the postponed market study into credit information, to assess how consumers use their credit information.

Nikhil Rathi, CEO of the FCA, gave a speech launching the Business Plan which included a commitment for the FCA to be a more innovative, assertive and adaptive regulator.

A webinar on the FCA’s role and business plan is also available to watch.

Source: FCA