Marking the second phase of its three-year campaign to improve outcomes for financial services consumers, the FCA’s Business Plan 2023/24 outlines its key ambitions for the year ahead.

And with British consumers currently grappling with cost-of-living challenges from seemingly all directions, it’s unsurprising that the regulator is pushing full steam ahead with a customer-centric agenda – emphasising stronger protections for vulnerable consumers and greater accountability for business leaders.

Much of this itinerary is centred around three core themes first highlighted in the Business Strategy 2022-25

• Reducing and preventing serious harm to consumers
• Setting and testing higher standards for firms
• Promoting competition and positive change within the industry

Taken together, as FCA CEO Nikhil Rathi explains, these core aims are intended to ‘help to create the conditions for financial services to deliver the outcomes we expect.’

But why were these principles chosen – and what does the regulator’s plan of action to achieve them mean for firms’ compliance strategy?

The FCA Business Plan 2023/24: everything you need to know

The FCA’s latest Business Plan comprises a total of 13 primary commitments that touch on every aspect of financial regulation.

These promises range from issue-specific goals – including improving oversight of the Appointed Representatives regime and clamping down on financial crime – to more culture-focused pledges such as empowering consumers to help themselves and driving progress regarding ESG issues.

Each of these commitments are unquestionably important and worthwhile pursuits. But with so much ground covered, it can be hard for firms to digest how these changes will impact their own business in real terms.

That’s why we’ve put together this new comprehensive guide to the FCA’s 2023/24 agenda

In this exclusive resource, we unpack the key lessons for regulated firms – examining each of the three core focuses and the corresponding expectations for FCA-regulated businesses over the coming year.

We tackle the questions you want answered:

• How do the Business Plan’s aims intersect with the new Consumer Duty rules?
• What concrete actions the will the FCA be taking to support its vision?
• How can you align your compliance processes with the FCA’s new customer-first approach?

With the regulator making clear it’s entering a new era of ‘assertive supervision’ regulation, the next 12 months is shaping up to be a transformative period for financial services.

And with the stakes so high, firms can’t afford to underestimate the work that transitioning from the previous ‘Treating Customers Fairly’ principle – and towards the new proactive, ‘show me, don’t tell me’ standard of care – is likely to entail.

Get started on the right path with our no-nonsense guide to the Business Plan 2023/24 – download now: