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The Financial Conduct Authority (FCA) has published its annual report which looks back on how the major pieces of work undertaken by the regulator throughout 2015/16 have met its strategic objective of ensuring the relevant markets it supervises are working well. The FCA has also published a report summarising the activities it has undertaken to promote competition in financial services in its first three years.
The annual report details work the FCA has carried out over the last year, including:
- Implementing the Senior Managers and Certification Regime for the banking sector, which seeks to deliver a step change in individual accountability;
- Working closely with stakeholders through the Debt Market Forum, Project Innovate and the Financial Advice Market Review;
- Taking tough action on past transgressions, issuing penalties totalling £884.6m; and
- After taking over regulation of consumer credit in April 2014, successfully integrating more than 25,000 firms into the FCA’s regulatory regime. The FCA now regulates more than 56,000 firms and 125,000 approved persons.
Members may access the FCA’s Annual Report 2015/16 by clicking here.
Activities undertaken in the competition arena by the FCA since 2013 are covered in its first competition report and 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. Chapter 5 of the competition report focuses on the general insurance market. Members can access the document by clicking here.
Additional reports from the FCA include its:
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk
The post FCA publishes annual report for 2015/16 appeared first on British Insurance Brokers' Association.
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