It will see a focus on protecting consumers in the current economic climate and a focus on understanding newer and faster paced markets, particularly those where consumer detriment is a real risk.
In a written statement to Parliament on the 9 December 2022, the chancellor set out an ambitious list of reforms that, 在任何其他时间, 金融服务业将向. 然而对很多人来说, the prospect of further driven change may leave them wondering how their already stretched teams will cope. 改革, 然而, is long overdue and 2023 will see firms required to stretch their resources to ensure they are prepared for the changes ahead.
和2022年一样, 2023 should see the FCA continuing to focus on the cost-of-living crisis and vulnerable customers with an emphasis on preventing consumer harm. The development of technology, innovation and sustainability also increasing in importance.
Jeremy Hunt’s 2023 vision for the UK financial services sector was made clear, he would be focusing on “taking forward the government’s vision for an open, 可持续发展的, and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens”.
改革，改革，还是改革
消费者信贷法
There is no doubt that the reform of the 消费者信贷法 (CCA) is long overdue and for many parts of the market it is no longer fit for purpose. The consultation is now open and will close on the 17th March 2023. The consultation promises to seek alternatives which are proportionate; aligned (with the implementation of the Future Regulatory Framework); forward-looking; deliverable; and simplified.
This presents a generational opportunity to clarify many areas of consumer credit and harmonise the provision across many sectors. Firms should be prepared to consider the impact of these changes on their business. 同时提供变革的机会, there is an inevitable cost in resource and cost through relevant changes.
环境、社会及管治(ESG)
Like 2022, ESG will continue to be at the forefront of the FCA’s agenda. Not only will the July 2023 implementation of the 消费者的责任 support their ESG agenda, the FCA is taking a stronger supervisory role via its Q1 2023 consultation, bringing ESG ratings providers into the regulatory perimeter.
消费者的责任
消费者的责任 implementation (by 31st July 2023) will be dominating much of this sector’s resource. The FCA will continue to consult and iterate guidance to nudge sectors towards consistent adoption of the 消费者的责任. 在这方面, firms’ delivery of plans may need to be reviewed and adjusted to accommodate for these insights.
Data & 技术
The FCA continues its drive to become more data aware and will use this to gain further insights to firms and the behaviour of given markets. 与此一致, the expectations on firms to have clarity over data sources and the quality and assurance of such data will be critical. Firms can expect challenge on data sets where there is inconsistency in reporting or methodologies. 进一步, as well as this internal data the FCA are already consulting on the provision of customer data by agencies to firms and this will present challenges to firms to align to new standards and decisioning requirements.
Summary
2023 will see the cost-of-living crisis continue to impact lives and wider society. Firms will need to be sure footed and clear of how measures are put in place for customers, 交付和监控. The FCA will continue to pursue further data from firms and we can expect further revisions to tailored support guidance to align to customer behaviour and societal issues. The maturity of discussions around customer vulnerability will continue and firms will be required to recognise and respond appropriately to difficulties driven by the cost-of-living crisis. Through all of these driven changes and requirement on firms to focus on measuring and supporting customer outcomes, IT will play a central role and we can expect to see innovation in this space to assist firms in both delivery and on-going monitoring (in particular).
