David Miller comments on the FCA business plan 2019/20.
Commenting on the FCA business plan 2019/20, David Miller, Partner, KPMG, said: “Brexit has consumed the last two years and the FCA is realistic that it will continue to be a significant drain on resources for the year ahead. That said, the industry will welcome that the regulator is starting to think long-term with a heavy focus on technology and therefore also considering the future of regulation. Financial services is changing at an unprecedented pace; the FCA needs to manage the fine balance between encouraging innovation and ensuring the shift to digital and use of data doesn’t harm markets or consumers.
“In the near term the priority that most stands out is the clear focus on Operational Resilience where firms will sense a significant raising of the bar in terms of expectations over the next 12 months. Following the implementation of SMCR, firms can also expect the regulators’ focus on culture and accountability to remain vigilant.”
See the 2019/20 business plan on the FCA website.
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