UK's Financial Conduct Authority Publishes Business Plan

The UK's Financial Conduct Authority ("FCA") has published its 2024/25 business plan, setting out its priorities for the next 12 months. Against a backdrop of 13 public commitments focusing on: reducing and preventing financial crime; putting consumers' needs first; and strengthening the UK's position in global wholesale markets, the FCA is, among other promises, committing to:

1. use and expand intelligence systems and data collection systems to target higher risk firms and activities, slow the growth in fraud tackle financial crime;
2. put consumers' needs first, including in relation to unit-linked pensions and long-term savings products to test how value is being disclosed and delivered. Ongoing supervisory work testing the implementation of the Consumer Duty will clearly play a big part in delivering this commitment.