The FCA’s 2022/23 Business Plan and Three-Year Strategy: Key Takeaways
The FCA recently published a three-year Strategy setting out how it aims to improve outcomes for UK consumers and markets. This was released alongside the FCA’s 2022/23 Business Plan, which details the actions to be taken by the FCA over the next twelve months in support of this Strategy.
Setting the Business Plan in the context of its longer-term Strategy is not the only innovation this year. The FCA has also abandoned it previous sectoral approach in favour of cross-sector focus points and desired outcomes applicable to regulated firms. This new format makes it harder to identify or deduce actions that may affect specific types of firms or sectors.
We outline some key takeaways for firms to focus on, including:
- The importance of referring to the Regulatory Initiatives Grid to help contextualise the Strategy and Business Plan
- The overarching themes in this year’s Business Plan
- More detailed themes within each focus area
- FCA budget and consultation on fees
Our specialists are on hand to help you to navigate the these challenges while considering the complexity of your firm’s unique compliance, cyber, AML & market abuse, managed services, and ESG requirements.
We also have regulatory technology solutions that provide a centralised platform for your risk and compliance management.
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