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KPMG responds to FCA business plan for 2020/21

KPMG responds to FCA business plan for 2020/21

David Miller, KPMG Partner, comments on the FCA’s business plan for 2020/21.

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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.”

ENDS

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people 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.

© 2020 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

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