{"id":3905,"date":"2014-03-15T15:25:59","date_gmt":"2014-03-15T15:25:59","guid":{"rendered":"http:\/\/www.chaordicsolutions.co.uk\/blog\/?p=3905"},"modified":"2014-04-13T20:57:33","modified_gmt":"2014-04-13T19:57:33","slug":"financial-conduct-authority-risk-outlook-and-business-plan-2013","status":"publish","type":"post","link":"https:\/\/www.chaordicsolutions.co.uk\/blog\/from-our-conduct-risk-consultants\/financial-conduct-authority-risk-outlook-and-business-plan-2013\/","title":{"rendered":"Financial Conduct Authority: Risk Outlook and Business Plan 2013"},"content":{"rendered":"<p><a href=\"http:\/\/www.chaordicsolutions.co.uk\/blog\/wp-content\/uploads\/2014\/03\/connectionssmall.jpg\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-3896\" alt=\"connectionssmall\" src=\"http:\/\/www.chaordicsolutions.co.uk\/blog\/wp-content\/uploads\/2014\/03\/connectionssmall.jpg\" width=\"97\" height=\"64\" \/><\/a>The Financial Conduct Authority (FCA) has published its <a title=\"http:\/\/www.cii.co.uk\/media\/4343130\/fca_financial_risk_outlook-business_plan_mar2013.pdf\" href=\"http:\/\/www.cii.co.uk\/media\/4343130\/fca_financial_risk_outlook-business_plan_mar2013.pdf\" target=\"_blank\">Financial Risk Outlook and Business Plan 2013-2014<\/a>. These are the organisation&#8217;s first publications in its new identity ahead of legal cut-over from the former Financial Services Authority on 1 April 2013.<\/p>\n<p>The FRO sets out the FCA&#8217;s approach to assessing conduct risks within financial services. It identifies three primary drivers of conduct risk: inherent factors (such as supply-side failure); behavioural factors (such as mis-selling); and environmental factors (such as the general economic climate). As well as identifying broad risks across financial service, the FRO details five priority risks for the coming year:<\/p>\n<ul>\n<li>Product design;<\/li>\n<li>Distribution channels;<\/li>\n<li>Payment and product technologies;<\/li>\n<li>Risky funding strategies; and<\/li>\n<li>Poor customer understanding of risk and return.<\/li>\n<\/ul>\n<p>Alongside the FRO, the FCA has published its 2013-14 Business Plan. The plan, which is underpinned by the FRO, shows how the FCA expects to manage risks it has identified while meeting its objectives, which are to:<\/p>\n<ul>\n<li>Secure an appropriate degree of protection for consumers.<\/li>\n<li>Protect and enhance the integrity of the UK financial system.<\/li>\n<li>Promote effective competition in the interests of consumers.<\/li>\n<\/ul>\n<p>This briefing looks at both publications and focuses in particular on the FCA&#8217;s approach to risk, the identified key risks and how they will be tackled.<\/p>\n<p><strong>Source:<\/strong> <a title=\"http:\/\/www.cii.co.uk\/knowledge\/policy-and-public-affairs\/articles\/cii-briefing-fca-financial-risk-outlook-business-plan-2013\/25138\" href=\"http:\/\/www.cii.co.uk\/knowledge\/policy-and-public-affairs\/articles\/cii-briefing-fca-financial-risk-outlook-business-plan-2013\/25138\" target=\"_blank\">http:\/\/www.cii.co.uk\/knowledge\/policy-and-public-affairs\/articles\/cii-briefing-fca-financial-risk-outlook-business-plan-2013\/25138<\/a><\/p>\n<p>Copyright \u00a92014 The Chartered Insurance Institute<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Conduct Authority (FCA) has published its Financial Risk Outlook and Business Plan 2013-2014. These are the organisation&#8217;s first publications in its new identity &hellip; <a href=\"https:\/\/www.chaordicsolutions.co.uk\/blog\/from-our-conduct-risk-consultants\/financial-conduct-authority-risk-outlook-and-business-plan-2013\/\"> <span class=\"meta-nav\"><\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":3896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[287],"tags":[288,291,292,290,289,293,294,295,296,297,29,210,211,27,28,30,117,275,276,277,282,280,281,278,279,36,170,183,39,37,38,101,102,249,250,283,284,301],"_links":{"self":[{"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3905"}],"collection":[{"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3905"}],"version-history":[{"count":2,"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3905\/revisions"}],"predecessor-version":[{"id":3907,"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3905\/revisions\/3907"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/media\/3896"}],"wp:attachment":[{"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chaordicsolutions.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}