The U.K. Financial Conduct Authority (FCA) recently published its updated mission statement, business plan and sector views for 2017. In a forward to the mission statement, FCA Chief Executive Andrew Bailey said that its purpose is to give “firms and consumers greater clarity about how and why we prioritise, protect and intervene in financial markets.” These publications provide detailed insight into the FCA’s priorities in 2017, which include addressing concerns relating to competition in the asset management market, liquidity management and custodians. This article summarizes the portions of the publications most relevant to the hedge fund industry. For coverage of a prior FCA business plan, see “FCA 2016-2017 Regulatory and Supervisory Priorities Include Focus on AML, Cybersecurity and Governance” (Apr. 14, 2016).