Emma RadmoreOFSI’s strategy for the next 3 years explains how OFSI wants to evolve the way it delivers its three key outcomes of:
- an enhanced understanding of threats grounded in data;
- high quality licensing, enforcement and compliance support; and
- strong partnerships with industry, across Government and internationally.
The strategy looks at how OFSI’s role has changed in the 10 years since it was set up, and in particular how it has scaled up sanctions implementation in the past 5 years. Going forwards, it plans greater promotional activities, to strengthen understanding in priority sectors, and the provision of clear and helpful guidance. It will continue to encourage early engagement and on providing compliance advice to firms. When it needs to respond to threats it will focus on areas of the greatest risk and will use the full toolkit it has at its disposal.