As part of the Panel’s aim to provide early and effective practitioner input into the FCA’s policy development, it has established a number of strategic priorities which are reviewed on at least an annual basis. The priorities enable the Panel to pursue its own agenda as well as following the consultation agenda of the FCA. The Panel aims to work closely with the FCA in developing its key priority areas and establish its new areas of focus as the FCA embeds its own strategic plans.

The Panel currently has three priority areas to focus on:

Panel relationship with FCA

  • FCA provides access to appropriate and timely information to enable Panel input to be effective

  • Panel provides constructive input to FCA Board and Executive

  • FCA provides feedback and dialogue on how Panel views have been taken into account

FCA as an effective regulator

  • New regulatory responsibilities are implemented effectively

  • FCA promotes its objectives in light of Government changes such as pension freedom

  • FCA considers industry feedback – from Panel and Survey – to develop its agenda

  • FCA communications are constructive

  • FCA’s competition objective is developed to be equal to the other two operational objectives of the FCA

Strategic impact of regulation

  • FCA considers broader impact of regulation on the economy

  • FCA is clearer about its expected outcomes and provides benchmarks and best practice examples

  • Panel provides FCA with input regarding unintended consequences of specific actions and cumulative impact of regulation

  • FCA new strategic approach and use of House Views builds realistic views of industry risk

  • Active engagement with the EU through a period of uncertainty