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

15 July 2021

2 min read

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.”