The Monetary Conduct Authority (FCA) has proposed a freeze on software charges, and the minimal charges companies pay, as a part of its newest 12-month marketing strategy.
The regulator has revealed a session on its charges and levies for the 12 months forward. If the freeze is agreed, it is going to provide some monetary reduction to greater than 17,000 FCA-regulated companies.
The charge freeze was talked about amid 4 areas of precedence for the regulator going into 2023/24.
It mentioned it is going to deal with placing shopper wants first, future-proofing monetary providers, strengthening the UK’s place in wholesale markets and decreasing monetary crime.
Learn extra: FCA appoints co-leaders of enforcement and market oversight
The excessive value of residing stays a priority and the regulator promised to allocate extra workers to make sure companies assist shoppers who’re struggling financially.
The FCA reiterated that final 12 months it reminded 3,500 lenders of how they need to be supporting debtors in monetary problem and informed 32 lenders to make modifications, resulting in £29m in compensation being paid.
“We set out a daring imaginative and prescient final 12 months of what we needed the FCA to be, and we’re nicely underway to attaining our targets because of our proficient colleagues and the higher use of expertise and knowledge throughout our organisation,” mentioned FCA chief government Nikhil Rathi.
“With many shoppers throughout the UK battling the price of residing and markets occasions inflicting concern, we have now put in place important modifications over the previous few years which imply we’re higher set as much as face these challenges.”
The brand new Shopper Responsibility is about to come back into pressure in July, with the regulator dedicated to offering extra useful resource to make the transition clean for each shoppers and companies.
Learn extra: FCA improves authorisation course of
Elsewhere, the marketing strategy mentioned the FCA will proceed its work with companions to ship the outcomes of the brand new Future Regulatory Framework (FRF) and Edinburgh Reforms.
Greater than £12m will probably be invested to arrange for the FRF, which goals to assist assist the UK’s wider financial development and worldwide competitiveness.
The regulator mentioned new value profit evaluation panels will probably be established to assist the effectiveness of the FCA’s programme of labor.
It additionally plans to set out additional proposals to reform the itemizing regime in a bid to draw world main companies and encourage competitors within the UK.
The regulator needs to make use of the FRF to see if enhancements might be made to asset administration regulation. Session is already underway, and it’ll convey ahead proposals later this 12 months.
Lastly, the FCA will proceed to deal with combating monetary crime. It’s already utilizing machine studying to determine and take away scams, with a whole lot of internet sites taken down because of this and greater than 1800 alerts being issued throughout 2022.
Later this 12 months, it is going to publish the primary set of outcomes in opposition to the outcomes and efficiency metrics included in its technique.
Learn extra: Monetary ombudsman requires higher dialogue with FCA