The FCA has published their Annual Report and Accounts, which looks back on their key pieces of work throughout 2020/21.
Highlights from the year include the FCA:
- responding rapidly to the economic impacts of the pandemic
- issuing guidance to firms ensuring 4.5 million payment deferrals for mortgage and credit customers during the pandemic
- introducing new rules on home and motor insurance pricing which will save consumers an estimated £4.2 billion over 10 years
- continuing to focus on helping to educate and inform consumers on scam prevention
- imposing financial penalties totalling £189.8m
- ensuring £21.7m in consumer redress for unauthorised investment business and freezing nearly £7m of funds following our enforcement work
- working with the Government on a range of issues during EU Withdrawal to ensure continuity for consumers, for firms operating in the UK and to protect the integrity of UK markets as far as possible
Charles Randell, Chair of the FCA comments:
“2020/21 was a challenging year for everyone – the people we serve, the industry we regulate, and all of us at the Financial Conduct Authority. We prioritised protecting vulnerable people. We helped millions of people and hundreds of thousands of businesses, large and small, through the Covid-19 pandemic.
“Our targeted litigation achieved fairer and faster outcomes for business interruption policyholders. We continued our work to reduce the harm from unsustainable credit and unfair pricing. We also made sure that essential financial services weren’t disrupted when the UK left the EU transition period.
“At the same time, we continued to transform the FCA to better support consumers and markets in a fast-changing digital age. Our new leadership team – led by Chief Executive Nikhil Rathi – is driving forward our programme to become more efficient and effective. Our transformation plans reflect our need to prepare for the future, as well as to learn from the past.
“Despite the many challenges of the last year, I am confident that, through our transformation plans, we will realise our ambition to be a more agile, preventative and data-driven regulator and reinforce our commitment to demonstrating the public value we create.”