FCA publishes Annual Report and Accounts 2019/20
Regulatory Updates | 10/09/20
The Financial Conduct Authority (FCA) has published its Annual Report and Accounts, which looks back on the organisation’s key pieces of work throughout 2019/20.
Highlights from the FCA’s work this year include:
• our measures to give immediate support for over 3.4 million consumers and for thousands of businesses affected by coronavirus (Covid-19)
• our continued work to prepare for EU withdrawal
• driving change in the culture of financial firms with the extension of the Senior Managers and Certification regime
• our continued focus to help to educate and inform consumers on scam prevention
• improving protection for users of high-cost credit, including a price cap on rent-to-own products, saving some of the UK’s most vulnerable consumers an estimated £19.6m a year
• imposing 15 financial penalties on firms totalling over £224m for misconduct
• ensuring £135m was paid to customers for disclosure failings on enhanced annuities.