Building a workable Risk Register – Technology (Part 3)

In Part 1 of our Risk Register series, we looked at operational risk and resilience and the responsibilities of individuals within a firm to manage these. Part 2 took a

This month’s Latest regulatory developments

COVID-19 – FCA statement on how firms should handle post and paper documents The FCA published a statement on the 13th May 2020 which sets out its position on the

What Good Governance looks like in regulated firms

FCA Expectations Corporate governance is the system of rules, practices and processes by which a company is directed and controlled. For regulated firms, the governance structure is not prescribed, although

Building a workable risk register – Control Framework (Part 2)

The Control Framework is a data structure that organises and categorises a firm’s internal controls. These being practices and procedures which minimise the risks set out in the Risk Register

Firms handling of complaints during the coronavirus

The FCA clarifies its current position in relation to dealing with complaints in a statement on the 1st May 2020 which will be reviewed in 3 months time. The FCA

Covid-19: new FCA client assets webpage

The FCA set out its current position in relation to client assets in a statement on the 6 April 2020 as a consequence of queries that it had received from

Building a workable Risk Register (Part 1)

The Risk Register is a tool for documenting operational risks and actions to manage or control them. It is generally administered by the Chief Risk Officer (CRO) or in small

Latest on Operational Risk and Resilience

  On 4 March 2020 the FCA published a statement outlining their expectations as to how firms should respond to the situation we find ourselves in due to the Covid-19

FCA expectations for solo-regulated firms applying SMCR during Covid-19

  On 3 April, the FCA published a statement alerting FCA solo-regulated firms of its expectations under the Senior Managers and Certification Regime (SMCR) during the continued COVID-19 situation. Its

MLD5 and the key changes that will impact FS firms

The new EU 5th Money Laundering Directive (MLD5) is coming into force on 10 January 2020 with enhancement to the existing provisions, aiming to further strengthen transparency and the existing

Impact tolerances for important business services

On 5 December, the Bank of England (the Bank), in its capacity of supervising financial market infrastructures, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a shared

Suspicious Activity Reports Annual Report 2019

The National Crime Agency’s UK Financial Intelligence Unit (UKFIU) has published its Suspicious Activity Reports Annual Report 2019 covering the period from April 2018 to March 2019 and it contains

FCA speech: Regulation in a changing world

On 21 October Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA), delivered a speech at the City of London / Cicero event on the

The fight against skimmers and scammers: the FCA on Fraud

    On 04 September Charles Randell, Chairman of the Financial Conduct Authority (FCA), gave a speech on the fight against investment fraud at the 37th Cambridge International Symposium on

Andrew Tinney’s case: a key message in relation to conduct

On 16 August 2019, the Financial Conduct Authority (FCA) published its Final Notice for Andrew Tinney (Tinney), a former Chief Operating Officer of Barclays Wealth and Investment Management (Wealth). This

FCA Responds to ESMA Opinion on FCA’s Final Rules for Retail CFDs

Following the publication by the Financial Conduct Authority (FCA) on 1 July of the  final rules on the restriction of how Contracts for Difference (CFDs) and CFD-like options are sold, marketed,

Permanent Restrictions on the Sale of CFDs Retail Consumers

Following an earlier consultation last December, on 1 July the Financial Conduct Authority (FCA) published a Policy Statement (PS19/18) with final rules restricting how Contracts for Differences (CFDs) and CFD-like options

Money Laundering Risks in Capital Markets

On 10 June, the Financial Conduct Authority (FCA) published findings from its latest thematic review, “Understanding the Money Laundering Risks in the Capital Markets” TR19/4 (the report). As part of

General Data Policy Regulation one year on

  On 30 May, Elizabeth Denham, the Information Commissioner, published a blog reflecting on the first anniversary of the General Data Protection Regulation (GDPR) and the Data Protection Act 2018

The FCA’s 5 Conduct Questions Programme

    The Financial Conduct Authority (FCA) has published its latest Industry Feedback on its 5CQ Programme (5CQ). This is the third annual report since 5CQ was introduced in 2015

Financial Conduct Authority on the Duty of Care

  On 23 April, the Financial Conduct Authority (FCA) has published a Feedback Statement on Duty of Care (FS19/2), which summarises the feedback the FCA received to a previous Discussion

FCA Report on Payment for Order Flow

On April 23, the Financial Conduct Authority (FCA) has published a final report on its recent supervisory work on conflicts of interest and payment for order flow (PFOF) on how

Updates from the Financial Conduct Authority

In case you have missed the latest news from the Financial Conduct Authority (FCA), below is a summary of selected events. Enforcement Actions – Speech by Mark Steward On 4 April,

The Future of Financial Conduct Regulation

On 23 April, Andrew Bailey, Chief Executive of the FCA, gave a speech on the future of financial conduct regulation. Mr Bailey considered in particular the impact of Brexit on financial

EU Parliament Approves New EU-Wide Rules to Protect Whistleblowers

    On 17 April, the European Parliament has reported it had approved new rules for protecting whistleblowers. Whistleblowers have played a key role in recent years in shedding light

FCA “Dear CEO” Letter for Wholesale Firms

  18.04.2019   FINANCIAL CRIME, SM&CR

On 18 April, the Financial Conduct Authority (FCA) published a Dear CEO letter explaining its view on the key harms that brokerage firms operating in wholesale financial markets pose to their clients

Financial Conduct Authority Business plan 2019-2020

  17.04.2019   FINANCIAL CRIME, SM&CR

On 17 April, the Financial Conduct Authority (FCA) has published its Business Plan 2019/20, which sets out the FCA’s main areas of regulatory focus for the year ahead. The FCA states

OECD Report on Implementation of the Anti-Bribery Convention

On 20 March the Organisation for Economic Co-operation and Development (OECD) published the UK’s Phase 4 Follow-up Report, in relation to the progress made by the UK on implementing the

ESMA’s Notice on the Product Intervention Renewal Decision

On 23 October 2018, the European Securities and Markets Authority (ESMA) adopted a Decision to renew the restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients.

ESMA Report on Initial Coin Offerings and Crypto-Assets

On 19 October, the European Securities and Markets Authority (ESMA) published its own internally commissioned report on initial coin offerings (ICOs) and crypto-assets (used to collectively herein to refer to