The Financial Conduct Authority has today published its second Annual Report which looks back on the key pieces of work undertaken by the organisation throughout 2014/15.
The report details work we have carried out over the last year, including:
- regulating consumer credit, bringing the number of firms within our remit to 73,000
- launching Project Innovate to help bring new and innovative financial products and services to the market
- implementing the new Senior Managers Regime
- our market studies, including cash savings, retirement income and review of competition in the wholesale sector
- the FCA’s response to the Davis review
Chairman, John Griffith-Jones said:
"We take appropriate steps where we find risks or issues that threaten our objectives, but we aim to work with the industry and communicate transparently to ensure not only that our expectations are clear, but that firms and individuals are reasonably able to meet them
"Measurement of regulatory outcomes is not an exact science, but there are some indicators of a positive direction of travel highlighted in this report. Credit for this lies with the firms we regulate, who have embraced the conduct agenda."
The FCA’s Annual Public Meeting[1] will be held on 22 July 2015 at The QEII centre where members of the public can ask questions about the Annual Report.
Notes to editors
- FCA Annual report and accounts 2014/15[2].
- On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[3].