FCA reveals three-year strategy to improve outcomes

The FCA has launched a new three-year strategy to improve outcomes for consumers and in markets throughout the UK.

The strategy prioritises resources to prevent serious harm, set higher standards and promote competition, with a particular focus on shutting down problem firms which do not meet basic regulatory standards.

The organisation will also hold itself accountable against published outcomes and performance metrics.

As part of the strategy, the FCA is recruiting 80 employees to work on the initiative in order to protect consumers from potential fraud and poor treatment, and to create a better market.

When developing the strategy, the regulator has also taken into account the rising cost of living, which could drive greater demand for credit products and lead consumers to look for new ways to manage and make more of their money.

According to the FCA, for every pound spent on its operations, consumers and small businesses benefit by at least £11.

The strategy builds on activities launched last July, when Nikhil Rathi, chief executive at the FCA, committed the organisation to become more innovative, assertive and adaptive and transform it into a data-led platform that can face the threats and opportunities of the future.

“Our new strategy enables the FCA to respond more quickly to the rapidly changing financial services sector,” said Nikhil.

“It will give us a foundation to continuously improve for the benefit of our stakeholders, and respond swiftly to economic and geopolitical developments.”

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