Last week the FCA revealed it's latest thinking and strategic areas of focus as their Annual Business Plan was released.

The Business Plan outlines four ongoing cross-sector priorities:

• Work on firms’ culture and governance, including extending the Senior Managers and Certification Regime to all firms
• Ensuring the fair treatment of firms’ existing customers by monitoring firms’ practices, including the information they give prospective and current customers
• Developing the work being done on operational resilience, which will play a vital role in protecting the UK’s financial system; and
• Combating financial crime and improving anti-money laundering practices, by enhancing the use of technology and data, as well as engaging with multiple agencies and government bodies

Preparations for the Senior Managers Regime which is due to launch in December this year should now be well under way within firms. This work alone will undoubtedly result in one of the biggest cultural shifts in the wider financial services sector we have seem since the financial crash of 2008.

Additionally the FCA will be working with firms to promote and embed a healthy culture, focusing on four drivers of behaviour – purpose, leadership, reward and managing people, and governance.

The FCA explains how their view of good governance, which enables effective oversight of decision-making, is critical for reducing potential harm to consumers or markets. Culture also plays a critical role. A healthy culture, focused on delivering consumer outcomes, helps individuals in firms to make the right judgements that do not result in consumer or market harm.

Ascent's 'Do the Right Thing' campaign and vision of 'Leading the way by doing the right thing for customers, always' remains as relevant now as when it was launched over 5 years ago, and is still setting the standard for all of our people.

More details of the Plan can be found in the full document -  www.fca.org.uk/publication/business-plans/business-plan-2019-20.pdf