Annual Report

Driving an ambitious programme of transformational change

The theme of ‘transformation’ is captured in the Annual Report for 2022/23, which sets out how the Authority is evolving in order to better position itself for the future.

Central to its plans has been the introduction of a more risk and impact-led approach to supervision. The new framework is aimed at achieving better outcomes by delivering a consistent, proactive, and value-added model of engagement. A further step change highlighted in the report concerns the transition to a more sustainable funding model for the regulation and oversight of the finance industry.

The annual report, which covers the period 1 April 2022 to 31 March 2023, also reflects the Authority’s progress in meeting its objectives of protecting consumers, reducing financial crime, and maintaining confidence in the financial services sector through effective regulation.

Updates are provided on a range of initiatives, including the focus on ensuring compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) legislation.

The report, which is available to view on the Publications section of our website, also explains how the Authority is continuing to embrace fintech innovation with a view to generating efficiencies, streamlining processes, and supporting new opportunities.