The U.K. Financial Conduct Authority (FCA) has released its three-year strategy for 2022-2025. The document sets out the FCA’s areas of focus for the next few years along with the goals of preventing serious harm, setting higher standards and promoting competition.
What does compliance need to know about the regulator’s updated longer term plans?
Financial institutions never faced as many challenges as during Covid-19. In order to face heightened risk and compliance challenges many firms had to recognize that innovative solutions are essential in all areas of the business.
The global workforce has been under pressure since March, when the lockdown started in most countries. Since then, the stress and financial pressure caused by COVID-19 and the uncertainty to industries, organizations and employees has increased. Governments and regulators are under pressure to deliver normality while reducing the economic and market impact of the crisis.
Over the last decade, many scandals in the financial services industry have shined a light on the importance of employee conduct and exposed misconduct as a major factor in these scandals. Since then, many financial institutions have being working to boost their risk and compliance efforts.
