B: FCA Objectives - created from Mind Map

Regulatory Principles Efficiency & Economy Proportionality Responsibility of consumers Responsibility of senior management to comply with regulatory framework Openness & disclosure Transparency

- taking into account costs to firms & consumers when imposing burdens or restrictions

- responsibility for risk mgmnt & controls within firms

- publishing info about regulated persons or requires them to

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Objectives: provide political & public accountability.  FCAs annual report will assess.  Scrutiny of FCA by Parliamentary Committees may focus on too. govern way FCA carries out its general functions assist in providing legal accountability.  FCA can be challenged in courts by judicial review

Consumer protectionObjective: secure appropriate degree of protection for consumers from actual or potential detriment.Look to use measures that promote competition.IntegrityNo explicit responsibility for financial stabilitySubject to recommendations & directions from FPC on use of regulatory tools in pursuit of macro-prudential policy.FCA is concerned with: soundness & resilience of trading infrastructure integrity of financial markets inc. reliability of price formation process & suitability of listing rules combating market abuse addressing extent to which UK financial system may be used for purposes of financial crime

CompetitionPromote for retail & wholesale marketsNew objective will mean that: firms must compete for business by offering better services, better value, & types of product that customers want or need prices offered are in line with costs firms will innovate & develop new products over time

FCA Objectives

Annotations

Notes