The Financial Conduct Authority (FCA) has launched a new three-year strategy designed to help “improve outcomes for consumers” and in markets across the UK.

The strategy will prioritise resources to prevent serious harm, set higher standards, and promote competition.

The regulator said that for the first time it will hold itself accountable against published outcomes and performance metrics.

“Our new strategy enables the FCA to respond more quickly to the rapidly changing financial services sector,” said Nikhil Rathi, chief executive, FCA. “It will give us a foundation to continuously improve for the benefit of our stakeholders, and respond swiftly to economic and geopolitical developments.”

One of the strategy’s key focusses will be shutting down firms that do not meet basic regulatory standards.

The authority is hiring 80 employees to work on the new initiative, which it hopes will help protect consumers from fraud and poor treatment.

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