The FSA has set out eight key success measures the Financial Conduct Authority will look to achieve in its first two to three years.
In its Journey to the FCA document, published today, the regulator has set out a list of criteria it will use to measure its success against.
The document says the FCA will look to successfully intervene earlier to the benefit of consumers, will deal quickly and efficiently with ‘crystalised risks’, be involved and engaged with stakeholders to ensure consumers are central to processes and address competition issues to the benefit of consumers.
The regulator adds the FCA will look to successfully influence international policy, deliver judgement-based early intervention regulation on a ‘business as usual’ basis and encourage positive cultural change in financial services firms.
It says: “Our focus will beon getting better outcomes for consumers, whether this means getting compensation quicker, or identifying problems earlier before they can cause significant harm. This will take time as we will have past problems, such as PPI and interest rate hedging products, to deal with.
“At the same time we will continue to develop our model for delivering forward-looking judgement-based supervision.”
The FSA says it will evaluate the impact of major policy initiatives in an attempt to make it more accountable, provide management with information to make decisions and provide its board with information needed for effective oversight.
The FCA says it will set out further details of its plan for the coming year in its business plan to be published in May.