FCA has published its “Sector Views” setting out its observations from monitoring its 7 selected sectors of:
- retail banking
- retail lending
- general insurance and protection
- pensions and retirement income
- retail investments
- investment management and
- wholesale financial markets
It produces this review to inform its overall approach and ultimately its business plan. The studies identify where markets could work better to provide better outcomes and protection for consumers. It notes the risks of operational resilience and Brexit in all sectors, and the complexities for customers of understanding retail services and products. Its cross-sector themes are:
- technology – not only of the user experience but on its use in the value chain and effects of new business and models taking place outside the regulatory perimeter;
- societal change – not least the difficulties faced by millenials in getting on the housing ladder and the old-age needs of baby boomers;
- Brexit; and
- macro-economic developments.