Strategic planning
Strategic planning is the process by which we set out what we are going to do to meet our Statutory Objectives, having regard to the Principles of Good Regulation.
Both of these are set out in FSMA (2000). For strategic reasons, we have incorporated these into three Strategic Aims. The FSA's activities and its planning are focused on meeting these aims.
For more information see Statutory Objectives and Principles of Good Regulation.
Why do we plan?
We are accountable to parliament and to other stakeholders for our progress towards meeting our statutory objectives; planning enables us to:
- think ahead and establish medium-term priorities, without losing sight of our overall goals;
- ensure that our regulatory approach remains flexible and risk-based;
- establish the basis for the level of fees set; and
- use our limited resources efficiently and effectively.
How are priorities identified?
Through environmental analysis in the Financial Risk Outlook and ongoing monitoring of risks.
The Financial Risk Outlook highlights a number of shorter and longer term concerns for financial firms and their consumers associated with trends in the wider economic, business and social environment.
We also identify additional priorities from our risk assessment framework. This process is described on the Regulatory approach section of this website.
The current Strategic Plan
The Business Plan is published annually (in February) to set out the FSA's strategy for the forthcoming year.