The Financial Conduct Authority (FCA) business plan sets out how these risks will be managed in its first year of operation and how it will use its resources effectively to meet its objectives, which are to:
- secure an appropriate degree of protection for consumers;
- protect and enhance the integrity of the UK financial system; and
- promote effective competition in the interests of consumers.
The FCA's key areas of focus for the year ahead include continuing to tackle market abuse, by taking strong enforcement action to deter future misconduct. There will be a focus on wholesale conduct by the FCA, as well as the new approach to the supervision
of trading platforms. In section 3.2 the FCA set out how they will build on their thematic work on transaction reporting to identify misconduct. The aim is to ensure that firms are aware of and comply with their reporting obligations. The FCA state that
they will take action where necessary to ensure that firms comply as transaction reporting enables the FCA to identity risks more quickly and respond in an appropriate manner to minimise any potential harm to consumers.