Emma RadmoreNikhil Rathi has reflected on some of FCA’s key achievements and milestones from 2023. He highlighted:
- the implementation of the Consumer Duty and changes firms have already made as a result;
- FCA telling GAP insurance providers to take immediate action to address the poor value of these products;
- FCA’s guidance to insurers on support for customers in financial difficulties;
- the ban on referral fees from debt solution providers;
- work with lenders on treatment of mortgage and consumer credit customers in financial difficulties;
- new rules for approval of crypto-promotions;
- consultations to tighten up online promotions for any financial product;
- FCA’s contribution to the Online Safety Bill;
- tougher standards for authorisation – involving FCA cancelling over 1,200 firms in the first 10 months of 2023;
- enforcement actions resulting in fines of nearly £53m – plus payments to the FSCS as a result of actions relating to British Steel Pension Scheme advice;
- 7 convictions for fraud or related offences;
- disruption of 34 unlawful crypto ATM operations;
- statistics showing the success of measures to improve the overdraft and savings markets;
- looking forwards to promoting positive change through the new Sustainable Disclosure Requirements; and
- the discussion paper on AI which FCA plans to use to help support its safe and responsible adoption.