As hedge funds and other financial firms are faced with evolving issues, including new legislation, accountability and the risks of technology, regulatory authorities must also allocate their resources to address these challenges. In its recent Business Plan 2016/17 (Business Plan), the U.K. Financial Conduct Authority (FCA) set forth its plan for addressing challenges in the changing marketplace and outlined seven priorities for the year ahead. The Business Plan also explains the FCA’s approach to regulation and managing priority risks. This article highlights the FCA priorities most relevant to hedge fund managers, including the FCA’s focus on financial crime and anti-money laundering; innovation and technology; and firm culture and governance, as well as the regulator’s position on supervision and enforcement of regulated firms. For additional insight on FCA priorities, see “FCA Expects Hedge Fund Managers to Focus on Liquidity Risk” (Mar. 3, 2016); “FCA Report Enjoins Hedge Fund Managers to Improve Due Diligence” (Feb. 25, 2016); and “FCA Director Summarizes 2015 Regulatory Initiatives Applicable to Hedge Fund Managers and Financial Markets” (Jan. 7, 2016).