On 27 July 2022, the FCA Practitioner Panel published their Annual Report for 2021/2022.
The FCA Practitioner panel is a statutory panel for the FCA. Alongside the Small Business and Markets Practitioner Panels, it represents the interests of practitioners and provides advice to the FCA on the extent to which it policies and practices are consistent with its general duties. The Panel meets regularly to provide senior-level industry input into the FCA’s policy and regulatory development, focussing mainly on issues with a strategic cross-sectoral impact.
The Panel had an overall priority for the year of working together to build public confidence in, and engagement with, financial services. Within that overall priority it focussed on the following areas which it addresses in the report:
- Navigating the short to medium term: managing the off-ramp of crisis measures and the likely conjunction of coronavirus-related challenged, hard Brexit and possible recession.
- Future of regulation: considering how the FCA and industry can work together on the future of regulation.
- Data and technology: harnessing data for the benefit of consumers and focusing on operational resilience.
- Balance of Responsibilities: consumer engagement and the boundaries of responsibility between an individual, a firm and the regulator.