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ACCOUNTABILITY, TRANSPARENCYAND MEASURING OUR SUCCESS



Our focus will be on getting better outcomes for consumers, whether this means getting compensation quicker, or identifying problems earlier before they can cause significant harm.





We are also considering eight key success measures that represent some of the things the FCA should achieve in the first two to three years of its existence. These measures are how we have:


• successfully intervened earlier to the benefit of consumers;


• dealt quickly and efficiently with ‘crystallised risks’;


• actively involved and engaged with our stakeholders and put consumers at the heart of what we do;


• addressed competition issues to the benefit of consumers;


• successfully influenced international policy;


• been able to deliver judgement-based, early intervention regulation;


• delivered business as usual; and


• encouraged positive cultural change in financial services firms.


We still have more to do to develop these measures, and they will be set out in the FCA’s first business plan.


As well as our performance against our statutory objectives, we are looking at how we can improve the way in which we measure the impact of our activities.


To learn more from what we do, we will evaluate the impact of our major policy initiatives. This will build on our research commitment and add to it, helping us to understand the true effects of our interventions and address better, over time, the causes of market problems.


Together, all of this will:


• make us more accountable to our stakeholders;


• measure our performance as an organisation;


• evidence how successful our actions are;


• provide our management team with the information it needs to make decisions; and


• provide our Board with the information it needs for effective oversight.


The FCA as time goes on


In addition to making all the necessary arrangements for the transition from the FSA,we are also considering what we will look like in two to five years’ time. Our focus will be on 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. Our first business plan will set out our plans for the year ahead in more detail.


While we are planning ahead where we can, there will be issues that emerge between now and Day One that we do not know about today. We need to be prepared for this, as well as constantly monitoring the markets we regulate so that the FSA can deliver its current responsibilities.

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