When the FCA published its Mission 2017 it committed itself to being more open and transparent about how it regulates and why it makes the decisions in the manner that it does. As part of this the FCA committed itself to publishing a range of documents that explain its approach to regulation in more depth.
The FCA has now published:
- Our Future Approach to Consumers. This document explores the FCA’s approach to regulating for retail consumers. It sets out its initial views on what ‘good’ looks like for all retail consumers, and aims to explain how it will work to diagnose and remedy actual and potential harm, giving more certainty about the regulator’s framework. The deadline for comments on the document is 5 February 2017;
- Our Approach to Competition. In this document the FCA looks at how it delivers its competition objective, to promote competition in the interests of consumers and not for its own sake. The FCA focuses on keeping markets open to entry and innovation, tackling anti-competitive conduct and intervening to ensure competitive forces drive good outcomes for consumers. Part of the FCA’s work is about supporting consumer choice, including the choice to move from an unsatisfactory supplier to a better one. The FCA gives particular attention to areas where customers’ and firms’ interests are not well aligned. The deadline for comments on this document is 12 March 2018; and
- Our Approach to Authorisation. In this document the FCA explains the purpose of, and its approach to authorisation, the public value it delivers and the changes it is making to improve its approach. The FCA describes how it uses authorisations as a tool, primarily to prevent harm from occurring, by ensuring that all regulated firms and individuals meet common sets of minimum standards and also to improve conduct standards and culture, and promote competition and innovation.
View Our Approach, 11 December 2017