The Financial Conduct Authority chief executive has said the Consumer Duty and the advice guidance boundary review will be its priority for the next 12 months.

Nikhil Rathi has set out the FCA’s business plan for the financial year 2024-2025. The plan, which was published today (19 March), is the final year of the FCA’S three-year strategy (2022-2025), first unveiled in 2022.

The regulator earmarked 13 commitments in its strategy, which focuses on preventing serious harm, setting higher standards and promoting competition.

Rathi outlined the specific issues the regulator will prioritise, including protecting consumers by testing if firms are meeting the high standards set by the Consumer Duty, supporting people’s long-term financial wellbeing through the Advice Guidance Boundary Review, and making sure pension products deliver value for money.

Other priorities include contributing to UK competitiveness and growth by improving the attractiveness and reach of UK wholesale markets, supporting firms to invest, innovating and expanding through its innovation services, and continuing to make it quicker and easier for firms to apply for authorisation.

The FCA aims to build on the progress already made to become a world-class data-led regulator by automating more of its analytics tools to help it detect and respond to consumer harms faster, and working with firms on the safe deployment of artificial intelligence.

Rathi said: “We’ve already made significant progress in delivering against the bold vision we set out in our strategy two years ago, including the game-changing introduction of the Consumer Duty and proposing the most far-reaching reforms to wholesale market regulation and the listing regime in decades.

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