The FCA has entered the second year of its three-year strategy.
It accelerates its work in four main areas, focusing on further investment and increased resources.
The British
Financial Conduct Authority (FCA), the supervisor of the local financial
market, has published
its business plan for 2023-2024, setting a roadmap for the next 12 months, in
line with the three-year development strategy unveiled a year ago.
FCA Presents Roadmap for
Next 12 Months
According
to the FCA statement, the market watchdog wants to focus on four primary areas
of its work via increased resources and further investments. These areas
include concentrating on consumers' needs, preparing financial services for the
future, strengthening the position of the UK in the global wholesale markets
and reducing and preventing financial crime.
"We
set out a bold vision last year of what we wanted the FCA to be, and we are
well underway to achieving our objectives thanks to our talented colleagues and
the better use of technology and data across our organization," Nikhil
Rathi, the Chief Executive of the FCA, said.
The FCA launched its three-year plan to "improve outcomes for consumers and in
markets throughout the UK" a year ago. A crucial aspect of the FCA's
strategy involves closing down businesses that fail to comply with fundamental
regulations. To significantly curb fraudulent activities, the organization recruited
80 individuals. Additionally, greater attention is paid to crypto firms that
conduct illegal activities or harm consumers.
“Equipped with
enhanced digital supervision capabilities, the FCA has promised an extremely
assertive approach to fulfilling the objectives outlined in its 2023/24
Business Plan. Unsurprisingly, the regulator has expressed particular concern
for the welfare of vulnerable customers in a period of extreme market
volatility coupled with the spiralling costs of living. Therefore, Stratford is
determined to rapidly identify firms that are failing to maintain adequate
financial and non-financial resources to ensure their operational resilience,"
Alexander
Culley, CEO and Founder at C&G Regulatory Solutions, commented
for Finance Magnates.
According to Culley, this approach is likely to result in the FCA canceling the
permissions of those firms, potentially forcing them into insolvency, as in the
case of Pello Capital in Q4 2022.
"With the fusion of the Consumer Duty with
existing regulations rapidly on the horizon, particularly the Investment Firms
Prudential Regime, the 2023/4 Business Plan is essential reading for any
directors or senior managers who do not want to see their retail brokerage
become a casualty of the FCA’s no-nonsense outlook," he added.
FCA and Four Pillars of
Further Activities
As the FCA
enters the second year of its three-year strategy, it has set out several key
factors in its business plan that it will want to focus on. The FCA protects
people from unfair treatment and ensures that firms support struggling
consumers. With Consumer Duty coming into force in July, the FCA aims to
set higher consumer protection standards, encouraging innovation and
competition.
The FCA
will invest over £12m in the Future Regulatory Framework (FRF) and Edinburgh
Reforms to support the UK's economic growth and competitiveness. They will also
continue supporting innovative and high-growth firms through their Sandbox and
Early and High Growth Oversight functions.
"With many
consumers across the UK struggling with the cost of living and markets events
causing concern, we have put in place vital changes over the past few years, which mean we're better set up to face these challenges," Rathi added.
Additionally,
the regulator plans to reform the listing regime to attract leading firms and
encourage competition. On top of that, it will explore improvements to asset management
regulation and consult on consolidated tapes to enhance wholesale data
accessibility.
Finally,
the FCA aims to minimize financial crime through strengthened authorization
processes, improved assessments of regulated firms, and increased staff for
investigation and prosecution. Additionally, the supervisor wants to develop
tools to find and remove scams, having already taken down hundreds of websites
and issued over 1800 alerts in 2022.
FCA Closes Active Three
Months of 2023
The British
regulator is undoubtedly one of the most active among European and global peers,
as the first quarter of 2023 showed. During that time, the FCA hired joint Executive
Directors for Enforcement and Market Oversight, launched a consultation on
updating regulations for the asset management industry, and prepared new rules for promoting cryptocurrency services in the UK.
Over the
previous year, the FCA rejected 8,582 rogue financial promotions in 2022 and
sought their amendment or removal by authorized firms. This is approximately
1,400% more than the 573 financial promotions the regulator rebuffed in 2021.
To protect
customers even better, the British supervisor employed 1,000 new officers responsible
for dectecting potential financial harm. Additionally, it opened an office in
Leeds and accelerated its expansion in Edinburgh. According to the FCA's
statement, these steps were vital to improve 2022 statistics and to continue
current work on reforms that were supporting competitiveness and security in the UK
financial market.
The British
Financial Conduct Authority (FCA), the supervisor of the local financial
market, has published
its business plan for 2023-2024, setting a roadmap for the next 12 months, in
line with the three-year development strategy unveiled a year ago.
FCA Presents Roadmap for
Next 12 Months
According
to the FCA statement, the market watchdog wants to focus on four primary areas
of its work via increased resources and further investments. These areas
include concentrating on consumers' needs, preparing financial services for the
future, strengthening the position of the UK in the global wholesale markets
and reducing and preventing financial crime.
"We
set out a bold vision last year of what we wanted the FCA to be, and we are
well underway to achieving our objectives thanks to our talented colleagues and
the better use of technology and data across our organization," Nikhil
Rathi, the Chief Executive of the FCA, said.
The FCA launched its three-year plan to "improve outcomes for consumers and in
markets throughout the UK" a year ago. A crucial aspect of the FCA's
strategy involves closing down businesses that fail to comply with fundamental
regulations. To significantly curb fraudulent activities, the organization recruited
80 individuals. Additionally, greater attention is paid to crypto firms that
conduct illegal activities or harm consumers.
“Equipped with
enhanced digital supervision capabilities, the FCA has promised an extremely
assertive approach to fulfilling the objectives outlined in its 2023/24
Business Plan. Unsurprisingly, the regulator has expressed particular concern
for the welfare of vulnerable customers in a period of extreme market
volatility coupled with the spiralling costs of living. Therefore, Stratford is
determined to rapidly identify firms that are failing to maintain adequate
financial and non-financial resources to ensure their operational resilience,"
Alexander
Culley, CEO and Founder at C&G Regulatory Solutions, commented
for Finance Magnates.
According to Culley, this approach is likely to result in the FCA canceling the
permissions of those firms, potentially forcing them into insolvency, as in the
case of Pello Capital in Q4 2022.
"With the fusion of the Consumer Duty with
existing regulations rapidly on the horizon, particularly the Investment Firms
Prudential Regime, the 2023/4 Business Plan is essential reading for any
directors or senior managers who do not want to see their retail brokerage
become a casualty of the FCA’s no-nonsense outlook," he added.
FCA and Four Pillars of
Further Activities
As the FCA
enters the second year of its three-year strategy, it has set out several key
factors in its business plan that it will want to focus on. The FCA protects
people from unfair treatment and ensures that firms support struggling
consumers. With Consumer Duty coming into force in July, the FCA aims to
set higher consumer protection standards, encouraging innovation and
competition.
The FCA
will invest over £12m in the Future Regulatory Framework (FRF) and Edinburgh
Reforms to support the UK's economic growth and competitiveness. They will also
continue supporting innovative and high-growth firms through their Sandbox and
Early and High Growth Oversight functions.
"With many
consumers across the UK struggling with the cost of living and markets events
causing concern, we have put in place vital changes over the past few years, which mean we're better set up to face these challenges," Rathi added.
Additionally,
the regulator plans to reform the listing regime to attract leading firms and
encourage competition. On top of that, it will explore improvements to asset management
regulation and consult on consolidated tapes to enhance wholesale data
accessibility.
Finally,
the FCA aims to minimize financial crime through strengthened authorization
processes, improved assessments of regulated firms, and increased staff for
investigation and prosecution. Additionally, the supervisor wants to develop
tools to find and remove scams, having already taken down hundreds of websites
and issued over 1800 alerts in 2022.
FCA Closes Active Three
Months of 2023
The British
regulator is undoubtedly one of the most active among European and global peers,
as the first quarter of 2023 showed. During that time, the FCA hired joint Executive
Directors for Enforcement and Market Oversight, launched a consultation on
updating regulations for the asset management industry, and prepared new rules for promoting cryptocurrency services in the UK.
Over the
previous year, the FCA rejected 8,582 rogue financial promotions in 2022 and
sought their amendment or removal by authorized firms. This is approximately
1,400% more than the 573 financial promotions the regulator rebuffed in 2021.
To protect
customers even better, the British supervisor employed 1,000 new officers responsible
for dectecting potential financial harm. Additionally, it opened an office in
Leeds and accelerated its expansion in Edinburgh. According to the FCA's
statement, these steps were vital to improve 2022 statistics and to continue
current work on reforms that were supporting competitiveness and security in the UK
financial market.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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