The Financial Services Authorit has today published its business plan setting out its priorities for 2011/12, and the implications for the FSA's budget.
The document outlines the FSA's priorities and specific initiatives for the year ahead, which reflect the continuing challenges facing the financial services industry.
This year's business plan has been created against a backdrop of considerable change, with the UK government last year announcing plans for changes to the structure of financial services regulation in the UK.
The FSA will restructure into the Prudential Regulation Authority (PRA) and the existing FSA legal entity will become the Financial Conduct Authority (FCA). This change will occur at the end of 2012 or early 2013.
Until then the FSA will continue to deliver on its statutory objectives and implement the major initiatives that are already underway.
The key areas will include:
Maintaining ongoing supervision in a period of continued fragility in markets.
1. Continuing to influence the international and European policy forums, delivering, in particular, the new prudential regulatory agenda.
2. Implementing the current EU major policy initiatives, including Solvency II.
3. Delivering on the principal national sector initiatives to improve consumer protection: the Retail Distribution Review (RDR) and Mortgage Market Review (MMR).
4. Continuing to improve the FSA's operating systems and the quality of its staff.
5. Implementing the government's regulatory reform agenda.
Reflecting the extensive resources needed for the regulatory reform programme and the need to recognise the difficult economic circumstances for many firms, the FSA is not planning any new discretionary initiatives and is capping headcount at the current level.
The majority of the FSA's resources are utilised providing ongoing supervision. The two biggest policy initiatives are Solvency II and influencing the substantial international prudential reform agenda, especially in respect of Basel III.
The FSA continues to implement key areas of the substantial international regulatory reform agenda particularly in respect of the banking agenda set by the Basel Committee and ensuring that the wider policy agenda primarily mandated by the European Union is delivered.
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals.
Showing posts with label writing business plan. Show all posts
Showing posts with label writing business plan. Show all posts
You need a business plan before you start a business
You have heard it before. You need a business plan before you start a business. However, most entrepreneurs can't stand the thought of actually sitting down to write a business plan because it reminds them of the dreaded research papers they had to write in school.
As SBDC advisors, we help clients write their business plan. While going through the steps to write a business plan, I hear these excuses:
I don't have time for that.
What good is that going to do?
The bank is making me write one, otherwise I wouldn't.
Most of the time, clients never finish their full plan and open without one. Not fully thinking through how you will operate your new business is a precursor to a short-lived business. For all of you procrastinators and naysayers of the need for a business plan, I have good news for you. You truly may not need a business plan.
This, however, does not mean you get to start your business without working through how the components of your business will fit together. Because most people are visual, it makes sense for future entrepreneurs to make a "roadmap" of how they will operate their business. One tool we've recently found is the Business Model Canvas devised by Alexander Osterwalder and Yves Pigneur. Read more on victoriaadvocate.com.
As SBDC advisors, we help clients write their business plan. While going through the steps to write a business plan, I hear these excuses:
I don't have time for that.
What good is that going to do?
The bank is making me write one, otherwise I wouldn't.
Most of the time, clients never finish their full plan and open without one. Not fully thinking through how you will operate your new business is a precursor to a short-lived business. For all of you procrastinators and naysayers of the need for a business plan, I have good news for you. You truly may not need a business plan.
This, however, does not mean you get to start your business without working through how the components of your business will fit together. Because most people are visual, it makes sense for future entrepreneurs to make a "roadmap" of how they will operate their business. One tool we've recently found is the Business Model Canvas devised by Alexander Osterwalder and Yves Pigneur. Read more on victoriaadvocate.com.
A Business Plan
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
The business goals may be defined for for-profit or for non-profit organizations. For-profit business plans typically focus on financial goals, such as profit or creation of wealth. Non-profit, as well as government agency business plans tend to focus on the "organizational mission" which is the basis for their governmental status or their non-profit, tax-exempt status, respectively—although non-profits may also focus on optimizing revenue. The primary difference between Profit and Non-Profit organizations is that "For Profit" organizations look to maximize wealth versus Non-Profit Organizations, which look to provide a greater good to society. In non-profit organizations, creative tensions may develop in the effort to balance mission with "margin" (or revenue). Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. When managing a business, a business plan, or B-Plan, is often confused with the term Marketing Plan. When the existing business is to assume a major change or when planning a new venture - a 3 to 5 year business plan is essential.
The business goals may be defined for for-profit or for non-profit organizations. For-profit business plans typically focus on financial goals, such as profit or creation of wealth. Non-profit, as well as government agency business plans tend to focus on the "organizational mission" which is the basis for their governmental status or their non-profit, tax-exempt status, respectively—although non-profits may also focus on optimizing revenue. The primary difference between Profit and Non-Profit organizations is that "For Profit" organizations look to maximize wealth versus Non-Profit Organizations, which look to provide a greater good to society. In non-profit organizations, creative tensions may develop in the effort to balance mission with "margin" (or revenue). Business plans may also target changes in perception and branding by the customer, client, tax-payer, or larger community. When managing a business, a business plan, or B-Plan, is often confused with the term Marketing Plan. When the existing business is to assume a major change or when planning a new venture - a 3 to 5 year business plan is essential.
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