FCA promises further transformation in annual report

11th September 2020

Members may access the annual report document by clicking here

The FCA said its work had included measures to give immediate support to more than 3.4 million consumers and for thousands of businesses affected by Coronavirus (Covid-19), continued preparations for EU withdrawal and driving change in the culture of financial firms with the extension of the Senior Managers’ and Certification regime.

Total group income for the year was £632.6 million, with staff costs accounting for 62 per cent of that total.  The FCA had imposed 15 financial penalties on firms totalling more than £224 million for misconduct.

Christopher Woolard, Interim Chief Executive of the FCA, said: “The last six months alone have shown the FCA’s efforts to ensure as many people and businesses reach the other side of Coronavirus’s immediate impact in as good a shape as possible.

“The FCA’s speed of action in the midst of the crisis was made possible by long-term work, much of which came to fruition last year. For example, our ability to act in the credit market was underpinned by reforms of years, which was pushed further in 2019; our joint focus with the Bank of England on firms’ operational resilience has proven its worth in lockdown; and the measures we’ve taken to transform the FCA and improve its data analysis have helped us manage the current crisis.”

Charles Randell, Chair of the FCA, said: “To ensure that we are able to meet the challenges ahead, we will continue to transform our own organisation, building on lessons from our rapid response to the coronavirus crisis. This transformation will equip us better to identify harm, intervene more quickly and take tough enforcement action against serious misconduct …”

The FCA also published its seventh Diversity annual report for 2019/20 https://www.fca.org.uk/publication/corporate/annual-report-2019-20-diversity.pdf

setting out its progress against its vision and equality objectives, and also includes a information on its disability pay gap for the first time in an effort to encourage similar action from the firms it regulates.

The FCA’s annual public meeting is being held as a virtual event on Thursday 24 September from 10.00am.  The regulator will be discussing its annual report and accounts at that meeting. For further information and to register please click here. https://fcaapm.org.uk/

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