My Simple Mortgage

On a Mission

The Financial Conduct Authority (FCA) has published its mission statement this week. The documents the regulator has released represent a big step forward in explaining how the FCA see their role and in our transparency. They explain how and why the FCA regulates financial conduct in the UK and what they want their regulation to achieve. The mission statement highlights a view of the issues and challenges in the sectors the FCA regulates, their plan and priorities for the period ahead and the budget they need to deliver on the promises made.

The FCA’s mission is to serve the public interest, and to add public value through a valuable contribution to society. This sounds obvious to many but the lesson of history is that the financial services industry can’t take it for granted. The FCA remains a young institution and has plenty of work to do to give their mission the impact the regulator feels is necessary in today’s modern world.

The FCA operates on a big landscape – 56,000 firms under their regulation is one indicator. Parliament has given them the overall objective to ensure that the markets they regulate function well. To advance this strategic objective they have three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.

The Mission sets out a framework which underpins a decision-making process, including decisions on how the FCA prioritise within and across the different sectors they regulate; how they respond to specific issues within markets or firms; and decisions on how their individual functions, such as policy, competition, authorisation, supervision and enforcement, operate.

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