1. What is the FCA’s 2021/22 business plan?

The FCA’s 2021/22 business plan (the “Business Plan“) was published on 15 July 2021 (see here). It provides areas of focus for the FCA in both consumer and wholesale markets, as well as a number of cross-cutting priorities including diversity and inclusion and ESG. It is the first business plan under new CEO Nikhil Rathi who joined in October 2020, and focuses on the FCA becoming a more “innovative, assertive and adaptive” regulator.

2. Are we entering a new era of regulation?

Harking back to the Wheatley era, the Business Plan is replete with robust rhetoric that demonstrates the type of regulator Mr Rathi is intending to lead. Firms should expect a tougher, more proactive and robust regulator that is not afraid to take a risk and push the boundaries and limits of its own powers.

The Business Plan is preceded by a decision by the FCA Board in April 2021 to “recalibrate the degree of legal risk the…

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