The FCA has published its Business Plan for 2020-2021. Whilst the pandemic is a major theme obviously, the FCA has set out its 5 Key Priorities over the next 1-3 years. These are: (1) the FCA’s own transformation (this includes making quicker decisions); (2) enabling effective consumer investment decisions (pension product mis-selling seems to be a focus); (3) enabling effective consumer investment decisions (this includes helping consumers find products that meet their needs); (4) making payments safe and accessible (there seems to be a focus on the rapid growth in payment services); and (5) delivering fair value in a digital age (this includes a focus on the price of financial products and issues such as penalising customer loyalty). Have a look in particular at Chapter 4.
Our Business Plan sets out our main areas of focus for 2020/21. It outlines our priorities and describes our response to the problems we have identified. Coronavirus (Covid-19) is profoundly affecting the financial lives of consumers and the workings of markets. Organisations, including us, are facing a huge challenge as we support our employees while also ensuring that the interests of customers, stakeholders and the wider public are protected. We have delayed other activity we had planned, where we judge that it was not urgent and may have distracted firms from the immediate priority.