The Financial Services Authority yesterday published its business plan for 2004/05.
The document sets out the FSA's work priorities for the year ahead and shows the budget required to meet them. It links closely to the Financial Risk Outlook 2004 published last week which describes the wider environment relating to the financial services industry and the risks to the delivery of the FSA's aim of maintaining efficient, orderly and clean markets and helping retail consumers achieve a fair deal.
There is an emphasis on making the FSA a more effective organisation. Priorities for the year will include the modernisation of the listing regime and improving accountability and transparency in the fund management market.
Key projects will improve the way in which the FSA deals with the large number of regulated organisations including the estimated 20,000 new mortgages and general businesses; reviewing its enforcement processes to see whether this can be made more effective and transparent; and making the FSA Handbook more accessible to firms.
FSA chief executive John Tiner says: “Fundamental to our approach is working with the forces in the market and intervening only when the market solutions are inadequate in the context of our objectives.
“The 2004/5 financial year will see the introduction of FSA regulation of mortgage business and general insurance brokers. This will more than double the number of firms the FSA regulates and a smooth and effective transition to statutory regulation for these areas is an important priority for us.”