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Foreword (partial) "This is the first Risk Outlook to be published by the FCA and so sets expectations for the type of risks the FCA will focus on. A ‘Risk Outlook’ inevitably will focus on what could go wrong – firms or products failing; misalignment of the risk appetite of individuals with the products they are sold and consumer detriment when lives are affected through failings or misconduct in the financial sector. But there is another side to the risks we are concerned with: firms not investing in innovating new products to meet the changing needs of society; withdrawal of sales forces; and too few new entrants in the industry to allow competition to flourish. So there are two sides to the risk equation – consumer detriment arising from the wrong products ending up in the wrong hands, and the detriment to society of people not being able to get access to the right products. The FCA must recognise that these are both risks and will need to navigate a careful path between them. This document provides an opportunity for us at the start of our journey to take stock of the issues we face as a new conduct regulator which we can build on over the coming years. It sets out our current thinking on conduct in financial markets by analysing the root causes and emergence of conduct risk."

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