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Welcome to Legal Long, a briefing on a relevant issue in the financial services industry. If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers. |
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The FCA Mission 2017The FCA has published its 2017 mission statement entitled ‘Our Mission 2017; How we regulate Financial Services’ (the “Mission”). The purpose of the Mission is to give firms and consumers greater clarity as to how the FCA prioritises its interventions in financial markets and sets out a framework for the way in which the FCA takes strategic decisions, the reasoning behind such decisions and the tools which the FCA employs to take the decisions. Background The Mission builds on the consultation launched by the FCA in October 2016 on its future mission and the feedback received to the consultation. In the consultation, the FCA sought views on:
The consultation closed on 26 January 2017 and the Mission builds on the FCA’s analysis of this consultation. The Mission According to Andrew Bailey, Chief Executive of the FCA, much of what the Mission describes is current practice within the FCA, although other aspects will be given greater emphasis and focus in the future. In its Feedback Statement accompanying the Mission, the FCA notes that it has received, among other things:
The FCA also held a press conference last week relating to the publication of the Mission, which included a question and answer session. Topics raised in the Q&A session included the following:
The FCA’s Business Plan 2017/18 and Sector Views The FCA has also published its annual Business Plan, which gives details of the specific areas of work which the FCA has prioritised for the period ahead in all the sectors it regulates. The Business Plan sets out the FCA’s view and strategy for each, as well as highlighting the cross-sector issues which the FCA has identified. It has also published its Sector Views, which describe the Sectors the FCA regulates, its priorities and the major issues and developments it sees within those sectors. This is the first time that the previously private Sector Views have been published. In relation to equity and debt markets, the FCA notes again that improvements need to be made in certain areas, including the IPO share allocation process and availability of information during the IPO process. Next Steps The FCA states that it will follow the Mission with more detailed explanations as to how it carries out its main activities – authorising and supervising firms, taking enforcement action, encouraging competition and influencing market design – and how the Mission affects those activities. This document is for general guidance only. It does not contain definitive advice. |
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