In her speech Lucy Castledine provides an update on the FCA’s 5-year strategy and the following four priorities: supporting growth and the Leeds Reforms, being a smarter regulator, helping consumers navigate their financial lives and fighting financial crime.
As for supporting growth and the Leeds Reforms, one item Lucy Castledine discusses is tailored support which will be a new regulated activity, different from regulated advice. Consequently, firms providing this service will be subject to a tailored conduct regime, which the Financial Ombudsman Service will have regard to when assessing targeted support cases.
In relation to fighting financial crime Lucy Castledine refers to social media and finfluencers and states that the FCA will take action against those who give advice unlawfully. She also adds that there are still too many weaknesses in the controls of social media platforms and that social media platforms should step up and stop illegal content at source.