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News for Members

07 November 2016

The FCA Mission - A Consultation

The FCA has launched a consultation on its Mission and will be seeking engagement from all of its stakeholders in order to shape its final strategy.

The intention of the FCA's Mission is to provide a guiding set of principles around the strategic choices that it makes.  The Mission will inform the FCA’s strategy and day-to-day work over the coming years.

The key themes for consultation include:

- Protecting consumers – in an environment where consumers are increasingly expected to take responsibility for their own financial decisions, what is the right level of consumer protection; and how does the FCA  balance the responsibilities of firms and consumers?

- Vulnerable consumers – should the FCA prioritise the protection of vulnerable consumers and if so how?

- Delivering consumer redress – what should the role of the FCA be in redress schemes, for example in dealing with activity outside the FCA’s remit?

- When the FCA intervenes – how the FCA identifies harm and how it decides which approach to take to address it; and how can the FCA be clearer for firms, consumers and stakeholders on what it is doing and why?

- The scope of regulation – explaining the remit the FCA has for taking action and the circumstances in which the FCA may intervene with regard to unregulated activities;

- The interaction between regulation and public policy – explaining this interaction using examples including access to financial services and price discrimination;

- Competition, supervision and enforcement – providing clarity and seeking feedback on the FCA’s current approach to using its different regulatory powers and tools;

- FCA Handbook – seeking suggestions on a proposed review of the FCA Handbook which sets out the rules for firms.

The consultation will close for comments on 26th January 2017. The final Mission Paper will be published alongside the FCA's 2017/18 Business Plan.  Visit the FCA's website to find out more about the mission or the rationale behind it, watch a short video featuring the FCA's Chief Executive, Andrew Bailey or complete the FCA's online response form

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