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.
About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff. The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.