The Financial Conduct Authority (FCA) has unveiled its Business Plan for 2024/25, emphasising customer-centric initiatives to ensure long-term financial wellbeing and value for money in pension products.
The Financial Conduct Authority (FCA) has outlined its top priorities to safeguard customers, uphold the integrity of the market, and encourage healthy competition. Its key focuses are to implement Consumer Duty, guarantee pension value, and utilise AI to combat fraud.
The FCA also seeks to promote innovation, streamline market oversight, and increase the competitiveness of the UK abroad. There are also plans to improve wholesale market attractiveness and streamline authorisation processes.
The FCA states that it is proactive in identifying and addressing non-compliance issues. It’s also tackling misleading advertising, especially in cryptoassets, to promote transparency and informed decision-making.
Broadstone head of policy David Brooks says: “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.”