FCA announces 2015/16 Business Plan
The 2015/16 Business Plan will look at sales practices of pension providers and how firms are helping consumers make the right pension choice with the new pension reforms. It will also considering the mortgage market and any barriers to competition.
In 2015/16 the FCA will also implement and review the consumer credit regime, conduct a wholesale market study into competition in investment and corporate banking, monitor developments in technology, contribute to international benchmark reform, and work with firms preparing for the implementation of MiFID II and the Market Abuse Regulation updates.
The FCA has also announced it will launch a market study on asset management that will examine charges paid by investors and what drives those charges.
This year’s Business Plan also included the FCA’s Risk Outlook, which sets out the top seven high-level risks the financial services sector should consider in the coming years.
The FCA will continue to look at: technology developments, culture and control, the impact of large back-books, consumer outcomes for pensions and retirement income products, poor culture and practice in consumer credit affordability assessments and the impact of the Consumer Rights Act coming into force in the autumn.
Commenting on the Business Plan, Martin Wheatley, Chief Executive of the FCA, said: “The Business Plan is set against the backdrop of the most fundamental changes to pension policy we have seen in over a generation. Therefore we will be looking at how the market is working and in particular, how the industry is adapting to this considerable change and what it means for consumers. This is exactly the sort of work that is expected of the FCA, and I believe is a fundamental benefit to consumers and industry.”