FCA Business Plan 2024/25

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On 19 March, the FCA published their Business Plan for 2024/25. This will be the final year of the FCA’s three-year strategy to reduce and prevent harm, set and test higher standards, and promote competition and positive change. We share our thoughts on the key topics and themes around:

  1. Assertive supervisory approach
  2. Consumer Duty
  3. Resilience
  4. Data and technology, including AI.

It is clear from the Business Plan that the FCA will continue to adopt an assertive supervisory approach. Among other things, it promises to:

  • Use its full range of regulatory tools to deal with problem firms and prevent harm
  • Take assertive action to tackle fraud and scams. This includes using powers to disrupt, pursue and sanction those committing and enabling financial crime
  • Take a robust approach to investigate digital customer journeys and firms using sludge practices
  • Strengthen scrutiny and engagement with principals as they appoint appointed representatives and continue assertive supervision of high-risk principals through use of regulatory tools and enforcement action.

As always, PKF is here to help you navigate the FCA regulatory landscape and any challenges you may face. Please contact our team if you’d like to discuss any of the topics and themes in the FCA Business Plan 2024/25.