David Miller, KPMG Partner, comments on the FCA’s business plan for 2020/21.
Commenting on the FCA business plan for 2020/21, David Miller, Partner, KPMG, said: “It’s clear the FCA has been very fleet of foot in responding to COVID-19, this plan isn’t a cut and paste of what it would have been working on to date, it’s specific to the new environment firms are operating in. For one thing, its 26 pages represent a notably abridged version of what they would typically release.
“Despite customer treatment being the long-term regulatory priority, COVID-19, and how firms are responding, has heightened this focus. A great many people have been thrown into financial vulnerability, and the risk of fraud has spiked making customer protection more important than ever.
“This response to COVID-19 could prove a useful blue-print for being more proactive, pragmatic, outcome-focused as a regulator; the FCA has clearly streamlined a range of ongoing activity into four key macro priorities. However, a balance will need to be struck between the short term aim of protecting customers and firms versus the more ambitious objectives of transforming its own operations and the regulatory framework.”
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