Commenting on the Financial Conduct Authority's Business Plan for 2018/2019 released today:
Sarah Isted, FSRR conduct and compliance lead, and partner at PwC, commented:
"Today's annual business plan from the FCA presents the opportunity for all firms to focus on the regulatory agenda for the next 12 months and beyond.
"Many of the areas of focus are not new for the FCA, but their continued inclusion demonstrates their importance to the regulator - and by extension - where firms need to be robust. Culture and governance, financial crime, operational resilience and data security all remain key themes.
"This year, despite politically agreed transitional provisions, the FCA has formally called out EU withdrawal as a key risk and challenge - both for firms and importantly for itself. While this won't be a surprise for firms, by highlighting the impact itself, the regulator is illustrating the amount of work still to be done, and shows why firms need to keep their foot on the gas of Brexit planning.
"Other new initiatives include a continued use of the FCA's competition powers, with market studies being finalised or commenced in the mortgage market, whole insurance brokers and investment platforms.
"Firms should not underestimate the significance of the FCA's Memorandum of Understanding and work with the Information Commissioner's Office in advance of the GDPR implementation deadline next month. GDPR has required significant effort by firms, and with the two regulators co-ordinating their approach, firms need to ensure the requirements are fully implemented in time."
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