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KPMG comments on FCA Business Plan for 2021/22

Partner at KPMG in the UK, David Miller comments on this year's FCA Business Plan

Partner at KPMG in the UK, David Miller comments on this year's FCA Business Plan

Commenting on the FCA Business Plan for 2021/22, released this morning, David Miller, Partner, KPMG, said:

“Whilst the FCA continues to focus on its four macro priorities from last year’s Business Plan, it has now added a fifth in the Consumer Duty initiative. This underlines the intended regulatory impact of the new duty, which the market has already recognised as a raising of the bar in the treatment of customers. These are now the set priorities for the next three years.

“Given the challenges markets, firms and consumers are facing – many of which have been exacerbated during the pandemic – these five priorities are appropriate and continue the drive from compliance towards outcomes.

“In a hugely positive step, the FCA has also recognised the importance of two issues that sit at the top of all firms’ agendas in its six cross-sector priorities – diversity and inclusion, and ESG.

“Alongside these priorities, the paper also gives a clearer articulation of how its role will evolve – with a more innovative, assertive and adaptive approach. Whilst these are laudable aims, it will represent a significant challenge for the FCA as it juggles a raft of other regulatory challenges and priorities. However, despite this, the FCA has also made a commitment to be more accountable with a promise to report its progress.”

Read more here.

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