The Financial Conduct Authority (FCA) future Mission, launched on 26 October 2016, outlines the key questions they face as a financial conduct regulator. The FCA want to share some of the key themes from your feedback so far.

Your views, input and challenge on the significant and complex issues that underpin financial conduct regulation will contribute directly to the development of the FCA future Mission.

The regulator cannot reply individually to all comments, but the following themes are beginning to emerge.

Desire for clarity and sense of direction

Respondents are keen on a clearer rationale for our decisions, what the FCA choose to do and not to do.

How can the FCA better communicate the choices we make?

Vulnerable consumers

Respondents largely agree with affording more protection to vulnerable consumers but have different views on who a vulnerable consumer is and emphasise the need for clear definitions.

Who should be included in the FCA’s definition of a vulnerable consumer? What should more protection look like? Are there vulnerable consumers in the wholesale space? If so, who?

Rules vs principles

Some respondents are keen on clear sets of principles for business rather than prescriptive rules while others prefer more clarity on existing rules as they feel these are often too vague.

In which circumstances are prescriptive rules or higher level principles more appropriate?

Engagement with firms

Respondents think the regulator should adopt a more active role in sharing lessons learned and good practice. Respondents would like more tailored communications that illustrate risks for their particular market.

How can the FCA best engage with 56,000 firms taking into account their different requirements and needs?

Find out more about the FCA’s future Mission and let them know what you think.

Source: FCA website.