The Financial Conduct Authority’s 2019 – 2020 business plan was published on the 17th of April 2019.
It anticipates an extension of the Senior Managers and Certification Regime, which currently operates with respect to banks and insurers, to all firms that the FCA regulate. This will attempt to encourage firms to better identify where responsibility for particular decisions lie within their organisation.
The plan suggests that expanding the scheme will allow the FCA to focus ‘on people and their personal accountability’, rather than merely on the overall conduct of particular firms. They hope to ‘embed consistent standards of personal conduct for all individuals working in financial services’.
The move to expand the scheme represents a greater focus on personal decision making and accountability. On the same theme, the plan identifies the risks posed by technology with more and more decisions within firms being delegated out to automated processes.
The plan also anticipates possible challenges posed by Britain leaving the European Union. The plan devotes a section to ‘cross-sector priorities’ relating to ‘EU withdrawal and international engagement’ In dealing with Financial Crime, the FCA emphasised the importance of ‘strengthening partnerships’ and improving their approach to tackling money laundering through ‘intelligence and data’. This chimes with a number of other cross-agency initiatives, including the National Economic Crime Centre which was established in November 2018 and the Economic Crime Strategic Board which was launched in January 2019.
If you require assistance with any aspect of an FCA investigation, our experienced team is available to help.