It’s the final year of the regulator's three-year strategy to achieve better outcomes for consumers and markets.

The FCA said it will continue to deliver the 13 commitments in its strategy, which focuses on preventing serious harm, setting higher standards and promoting competition.

Specific issues it will prioritise include:

• Protecting consumers by testing if firms are meeting the high standards set by the Consumer Duty, supporting people’s long-term financial wellbeing through the Advice Guidance Boundary Review and making sure pension products deliver value for money.
• Contributing to UK competitiveness and growth by improving the attractiveness and reach of UK wholesale markets, supporting firms to invest, innovate and expand through its innovation services and continuing to make it quicker and easier for firms to apply for authorisation.
• Building on progress already made to become a world-class data-led regulator by automating more of its analytics tools to help detect and respond to consumer harms faster and working with firms on the safe deployment of artificial intelligence.

The planned programme builds on the progress made over recent years to become a more outcomes-based, assertive and data-led regulator, the FCA said. 

Nikhil Rathi, chief executive of the FCA, said: “We’ve already made significant progress in delivering against the vision we set out in our strategy two years ago, including the introduction of the Consumer Duty and proposing reforms to wholesale market regulation and the listing regime in decades. 

“We remain resolute in supporting the vital role the financial sector plays in the UK’s long-term economic growth, embracing the potential benefits that technology presents both for us and the firms we regulate, while also continuing to protect consumers and ensure market integrity.”

He said the introduction of the Consumer Duty set higher and clearer standards of consumer protection and has already led to firms making changes to savings rates and fees. 

The FCA said it was making better use of data to spot and stop harm faster and is being tougher on the firms that could cause harm.

It removed more than 10,000 potentially misleading adverts in 2023 and sent out 2,243 warnings about unauthorised firms and individuals. It also more than doubled the number of firm permissions cancelled, compared to the previous year, for failing to meet its minimum standards.

It has adapted its rules and improved its processes to ensure the UK remains an attractive place to invest. That includes proposing a package of reforms to the listing regime to encourage a greater range of companies to list in the UK and compete on the global stage.

David Brooks, head of policy at independent consultancy Broadstone, said: “The FCA’s focus is quite rightly on outcomes for savers and ensuring they get good value from their financial services providers.

“We’re really pleased to see scrutiny on attacking the scourge of rogue advisers and adverts which mislead and scam people out of their hard-earned pensions savings. The trustees that we work with want their members to be able to enter the world of financial advice with confidence when preparing for their futures and that these professionals will give them the best possible care.”

• Read the FCA Business Plan 2024/25