FCA has published its annual report and accounts for 2019/20. The report notes FCa’s key achievements for the year. Apart from the obvious measures to address the problems caused by Covid-19, it highlights:
- continued work preparing for Brexit;
- the SMCR;
- improving protection for users of high-cost credit; and
- enforcement action on misconduct and getting £135m paid to customers in relation to disclosure failings on enhanced annuities.
The enforcement data accompanying the publication show a similar level of fine to the previous year, and a similar number of fines, but in the past year a greater proportion were imposed against firms, and only 3 out of the 15 against individuals (contrasted to 50% of the 16 fines the previous year).
PSR’s report highlights its work in:
- tackling payment scams;
- protecting access to cash; and
- supporting the development of a new interbank payment system.