What are the U.K. financial conduct authority priorities for 2023?

Simon RoderickResearch, insights & industry news

Financial Conduct Authority 2023

What are the U.K. financial conduct authority priorities for 2023?

February 14, 2023
 / 
Research, insights & industry news
The FCA’s priorities for 2023 are aimed at ensuring the stability and growth of the UK financial sector while addressing the emerging challenges posed by new technologies and changing consumer behaviors.
The UK Financial Conduct Authority (FCA) is the independent regulatory body responsible for overseeing financial markets in the country. The FCA's primary goal is to protect consumers, maintain market integrity and promote competition in financial services. The FCA's priorities for 2023 are aimed at ensuring the stability and growth of the UK financial sector while addressing the emerging challenges posed by new technologies and changing consumer behaviors.
  1. Consumer protection: The FCA remains committed to ensuring that consumers are protected from financial harm, and that they have access to fair and transparent financial products and services. This includes a focus on preventing mis-selling and scams, and on promoting responsible lending practices.

  2. Digital transformation: The rise of new technologies, such as blockchain and fintech, is transforming the financial sector. The FCA is taking a proactive approach to ensuring that these technologies are regulated effectively and in a way that benefits consumers. This includes a focus on innovation, competition, and cybersecurity.

  3. Climate change and sustainability: The FCA is increasingly recognizing the impact of climate change on the financial sector and the need for greater sustainability. The FCA has established a dedicated Climate Change Taskforce to explore the role of the regulator in promoting sustainable finance and managing the risks associated with climate change.

  4. Market integrity: The FCA will continue to work to maintain the integrity of financial markets and promote fair and transparent trading practices. This includes a focus on addressing market abuse and manipulation, as well as promoting competition and innovation.

  5. Culture and governance: The FCA is placing increasing emphasis on the role of culture and governance in the financial sector. This includes a focus on ensuring that firms have robust risk management systems in place, and that they promote ethical behavior and corporate responsibility.

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The FCA's priorities for 2023 are focused on ensuring that the UK financial sector remains stable, competitive and innovative while promoting consumer protection and ethical business practices. The FCA is taking a proactive approach to the challenges posed by new technologies and changing consumer behaviors, and is committed to promoting sustainable finance and maintaining the integrity of financial markets.

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