The Financial Conduct Authority carries out regular ‘thematic reviews’ into areas requiring further review by firms in the financial services industry.
Why does the FCA instigate a thematic review?
For the FCA, thematic reviews are a central element of its activity. Thematic reviews are used to ‘assess a current or emerging risk relating to an issue or product across a number of firms within a sector or market’. As an example in 2019, it conducted a thematic review of the debt management sector.
The objective of a thematic review?
The review will usually aim both to discover what is happening in the market and identify any current issues, and identify potential solutions to address these issues.
The FCA’s thematic reviews are sometimes also referred to as ‘issues and products’ work or ‘cross-firm work. The thematic review process can be applied to a wide range of situations, firms, or groups of consumers.