The Financial Services Authority ("FSA") has published its Annual Report for the year 2010/11, in which it outlines its performance against the priorities set out in its 2010/11 Business Plan and its statutory objectives. The Annual Report highlights four main areas in which the FSA has made progress: (i) executing a credible deterrence and enforcement approach throughout 2010/11; (ii) the launch of a radically new approach to the protection of retail customers, with a willingness to intervene earlier, as highlighted by: securing greater redress for consumers, the publication of the FSA’s first Retail Conduct Risk Outlook, and continuing to progress major policy initiatives such as the Retail Distribution and Mortgage Market Reviews; (iii) The continued development of a more intensive approach to prudential supervision as demonstrated by: strengthening the FSA’s capital regime by establishing a comprehensive stress-testing framework, working closely with firms to require them to embed reverse stress testing into their business models and implementing new European rules on remuneration; and (iv) continued progress in developing new global standards of prudential banking regulation.