Mapping out its priorities for the year ahead, the Financial Conduct Authority (FCA) has unveiled its business priorities with specific focus on the challenges presented by the coronavirus (Covid-19) pandemic.
In responding to the challenge of coronavirus the FCA will focus on ensuring that business’ in financial services provide people with the support they need, help customers avoid scams, and that financial services businesses and markets know what we expect of them.
Alongside HM Treasury and the Bank of England, the FCA has already made a series of interventions at unprecedented speed to protect consumers, firms and the markets.
These have ensured that customers retain access to essential banking services and are able to benefit from flexibility on mortgage and other debt payments.
Throughout the pandemic, the FCA will ensure the most vulnerable are protected as much as possible, as the organisation tackles scams that arise through the pandemic.
Amongst other pledges, the group will also ensure fair treatment for consumers and small firms – making sure that firms give strong and clear support to customers, recognising challenges that everyone is facing.
FCA Interim Chief Executive, Chris Woolard, stated: “In a matter of weeks, coronavirus has altered the UKs financial landscape dramatically.
“At times like this it is more important than ever that the FCA leads the way on the protection of consumers, firms and the markets.
“Our Business Plan recognises the impact of coronavirus on the financial services industry, while looking forward at how we transform the FCAs operations in future.”
The FCA is also focusing on transforming its operations. This includes looking at its entire system – from the data it collects, to how it analyses, manages and shares intelligence across the organisation, and how it decides which firms and individuals can operate.
