The FCA (Financial Conduct Authority) is the UK’s regulator, which oversees all of the country’s financial services. It oversees every financial product, including commercial insurance, consumer credit, foreign exchange and fintech, with the FCA being the governing body that sets out policies and procedures.
With an organisation so broad and important that oversees some of the largest financial institutions across the UK, it’s difficult to understand where their priorities lie and how they affect everyday businesses and individuals relating to financial markets.
In this blog, we discuss the main priorities outlined by the FCA and how they may affect you.
The four main FCA priorities
The FCA believes that consumer trust is imperative to the UK’s ongoing growth in the financial market. Between 2025 and 2030, the FCA believes that following the strategy they set out for themselves, it will enable better investment and infrastructure, which will further solidify consumer trust as well as combat those who choose to abuse the system.
Become a smarter regulator
The FCA understands that to build this trust, it vows to look at its own processes, including its use of technology to develop a more robust set of systems. This way, the FCA can be better suited to provide consumers with better regulation, improve application times, and identify misuse.
Support sustained economic growth
The UK is one of the world’s leading financial markets and a central hub in the international financial industry. The FCA has committed to ensuring its regulations continue to support this sustained economic growth through maintaining the UK remains competitive on the world stage by enabling investment opportunities and innovation.
Help consumers navigate their financial lives
The FCA believes consumers should better understand their finances and will work with financial businesses to find better ways to build consumer trust and boost financial product innovation. This is to help consumers receive transparent information, which will support them in making sound financial decisions.
Fight financial crime
Financial crime has existed for a long time and is still prevalent to this day. The FCA understands the impact financial crime can have on a person. This is why the FCA has made it a core priority to tackle over the next 5 years, through disrupting criminal activities and supporting firms that tackle these types of crime.
How regulations support consumers
Overall, the main point of these priorities is the consumer, with each of these commitments designed to strengthen trust in financial services and provide greater protection for individuals. By creating clearer and more transparent regulations, consumers can better understand financial products and make informed decisions that best suit their needs. As the FCA continues to offer smarter regulatory practices for financial firms, this will lead to faster processes and a stronger ability to identify where things may go wrong.
How ALPH Legal connects to the FCA priorities
At ALPH Legal, we work with consumer credit firms to help them become compliant with FCA regulations. From Authorisation through to Supervision, we keep a close eye on the FCA’s priorities and the way they shape the financial sector. This allows us to ensure your business is fully compliant, and our team works with firms to interpret the FCA’s guidance on consumer credit, helping them deliver their services with confidence.
[Contact us to discuss our ALPH Legal can help your business remain compliant]