Shaping the future of UK financial services regulation 

How the Financial Conduct Authority’s (FCA) three-year Strategy and annual Business Plan could have a significant impact on financial advice firms

The financial planning and wealth management sectors have been under continued and increased scrutiny in recent years as regulators tighten up rules and restrictions. This tightening has made it more challenging for many firms, but there are still opportunities to grow your business.

The Financial Conduct Authority’s (FCA) latest three-year Strategy and annual Business Plan could significantly impact financial advice firms.

Three key strategic areas

The documents, released on April 7, 2022, set out the FCA’s ambitions for 2022 to 2025, comprising 13 commitments to specific regulatory activity across three key strategic areas:

  • Reducing and preventing severe harm
  • Setting and testing higher standards
  • Promoting competition and positive change

The areas most crucial are the FCA’s commitment to improving oversight of appointed representatives; reforming the financial promotions regime; and improving the FCA’s environmental, social and governance (ESG) priorities.

Here are our tips on how to grow your business while regulation increases:

Diversify your services

One way to offset the impact of increased regulation is to diversify your services. Offer your clients a broader range of products and services, so they have more options available. Diversification will make your business more resilient to changes in the regulatory environment.

Review your business model

It is essential to review your business model regularly. A review will help you identify areas where you could be more efficient and will ensure that you can adapt to regulatory environment changes.

Keep on top of changing regulations

You can’t comply with regulations you’re unaware exist. Make sure you have a process to keep track of changes in the regulatory environment so that you can quickly adapt your business practices accordingly.

Communicate with your clients

Your clients also need to be kept up-to-date on changes in the regulatory environment and how those changes may impact them. Communicate any changes promptly so your clients can make informed investment decisions. Open communication will help to help build further trust and loyalty.

Review policies and procedures

As regulations change, so too should your policies and procedures. Periodically review your internal processes to ensure they comply with the latest rules and regulations.

Seek professional help when necessary

If you need help with how to comply with a particular regulation, seek professional guidance. Trying to navigate the regulatory landscape on your own can be a recipe for disaster.

Following these tips, you can continue growing your business even as regulation increases.

Ready to embrace exponential change?

To thrive in this dynamic environment, firms must prioritise growth, adopt an innovation mindset, and be prepared to reallocate resources rapidly in response to the changing context. To learn more about how Goldmine Media could help your business, please get in touch with us for more information — call: 0845 686 0055 or email:

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