The FCA outlined its agenda for 2024-2025, aimed at delivering better outcomes for consumers and markets. The document explains that it would continue to test higher standards for regulated firms by focusing on consumers, competitiveness, and data-led regulation. 

Nikhil Rathi, chief executive of the FCA, expressed confidence in the agency’s progress, citing significant achievements over the past two years, including the introduction of Consumer Duty and new reforms to wholesale market regulation and the listing regime.

“We remain resolute in supporting the vital role the financial sector plays in the UK’s long-term economic growth,” Rathi affirmed. “Embracing the potential benefits of technology while ensuring consumer protection and market integrity remains paramount.”

The upcoming plan for the year is anchored on, according to the FCA, preventing serious harm, setting higher standards, and promoting competition. Key priorities include consumer protection, where the FCA will assess firms’ compliance with the high standards set by the Consumer Duty, enhance long-term financial wellbeing through the Advice Guidance Boundary Review, and ensure pension products offer value for money.

The agenda also addresses competitiveness, where efforts will be made to enhance the attractiveness and reach of UK wholesale markets, support firms in investment and innovation through innovation services, and streamline the authorization process for firms.

Data-led regulation was another area where the FCA is looking to build on existing progress. This means automating analytics tools to detect and respond to consumer harms faster, while ensuring the safe deployment of artificial intelligence.

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Using data-driven approaches, it could be said that the FCA has been proactive in identifying and addressing potential harms in the financial market. In 2023 alone, the agency claims to have removed over 10,000 misleading adverts, issued 2,243 warnings about unauthorised entities, and significantly increased the cancellation of firm permissions for failing to meet minimum standards.

“We’ve already made significant progress in delivering against the bold vision we set out in our strategy two years ago, including the game-changing introduction of the Consumer Duty and proposing the most far-reaching reforms to wholesale market regulation and the listing regime in decades,” said Rathi.