The FCA has published its Annual Report and Accounts for 2015/16.
The Annual Report shows how the FCA’s work over the last year has met its objectives and delivered against the key priorities set out in its Business Plan 2015/16, and how it targeted its resources to deliver the best results for consumers, firms and markets against a challenging external environment.
Among other things, the Annual Report outlines some of the key pieces of work undertaken by the FCA in 2015/16, including:
- implementing the Senior Managers’ and Certification Regimes, which seeks to deliver a step change in individual accountability;
- influencing policy and technical standards internationally through bodies such as the European Securities and Markets Authority, the International Organization of Securities Commissions and the Financial Stability Board;
- making significant progress on major initiatives such as the Markets in Financial Instruments Directive II and the Market Abuse Regulation;
- working closely with stakeholders through the Debt Market Forum, Project Innovate and the Financial Advice Market Review;
- taking tough action on past transgression, issuing penalties totalling £884.6m; and
- successfully integrating over 25,000 firms into its regulatory regime after taking over regulation of consumer credit in April 2014 – the FCA now regulates over 56,000 firms and 125,000 approved persons.
The FCA has also published its first competition report, presenting further insight into how the FCA has been promoting competition. Activities carried out since 2013 include launching ten new market studies or calls for input. These included looking at investment and corporate banking, asset management, competition in the mortgage sector and the use of “Big Data” in the retail general insurance sector.
The FCA’s Annual Public Meeting will be held on 19 July 2016.