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Update on FCA activity

Update on FCA activity

Andrew Bailey took over as Chief Executive of the Financial Conduct Authority (FCA) on 1 July. In his first session at the Treasury Select Committee, he stated that the FCA needed a clear mission statement to sit beneath its high-level statutory objectives and the detailed information of the annual business plan.

New FCA guidance on the prevention of financial crime, accompanied by a 10 minute webcast, is expected to be launched in the coming weeks. The guidance will be designed for new and smaller businesses and aligned with the Government’s new Action plan for anti-money laundering and counter-terrorist finance.

An FCA Policy Statement on new PPI complaint handling rules (including a new two-year deadline for claims) is likely to be announced soon. The FLA has attended a number of FCA working groups looking in more detail at the operational aspects of the proposals.

As reported previously, the findings of the FCA’s research on creditworthiness and affordability is due in the autumn, and the thematic review of staff remuneration and incentives should be published in Q4.