PriyaPatelTLDR:
- FCA releases Business Plan for 2024-25 period
- Key elements include Consumer Duty, wholesale market regulation reform, and innovation support
The FCA has unveiled its Business Plan for the upcoming year, focusing on key reforms and initiatives to drive UK FinTech growth and enhance consumer protection. Under the leadership of Nikhil Rathi, the FCA aims to elevate industry standards and nurture competition through strategic commitments.
One of the pivotal aspects of the plan is the introduction of the Consumer Duty, which sets higher standards for consumer protection in the financial industry. Alongside this, the FCA is proposing significant reforms to wholesale market regulation and the listing regime to boost the UK’s global competitiveness.
With a focus on preventing harm, enhancing industry standards, and fostering innovation, the FCA aims to support economic growth and protect consumer interests through a data-led regulatory approach. The authority’s proactive stance on regulation has already resulted in tangible improvements, such as clearer consumer protection standards and a more attractive investment environment in the UK.
As the FCA embarks on the final year of its transformative strategy, it seeks to establish a more robust, competitive, and consumer-centric financial ecosystem in the UK. The comprehensive initiatives outlined in the Business Plan for 2024-25 signal a new era of financial regulation, highlighting the FCA’s commitment to driving FinTech innovation and safeguarding consumer interests.
