REP008: Conduct Rules reporting for solo-regulated firms

On 14 August 2020, the FCA published a new web page relating to the annual conduct rules reporting requirement that the Senior Managers and Certification Regime (SM&CR) introduced for solo-regulated firms. The

The latest regulatory update – July 2020

Modification by consent: SUP 10A.5.6 On 10 July 2020, the FCA published a new web page concerning a modification by consent of SUP 10A.5.6. The modification by consent extends the period

CEO Letter: Inappropriate use of title transfer collateral arrangements

On 24 July 2020, the FCA published a Dear CEO letter to authorised firms acting as brokers in wholesale financial markets, who currently, or may in the future, offer services

Conduct Risk Framework – what the FCA expects

Conduct risk continues to be a focus for the FCA. As it is not an FCA defined term, firms need to understand what it means. The FCA expects firms to

The Latest Regulatory Update – June 2020

Market trading and reporting – FCA On 27 May 2020, the FCA published Primary Market Bulletin Issue No. 28 which provides an update on temporary relief for the timing of the publication

FCA Assessing adequate financial resources

The FCA’s “FG 20/1 Our framework: assessing adequate financial resources” was published on 11 June 2020 and will impact in the region of 45,000 FCA regulated firms. The changes represent

Regulatory references & the Senior Managers & Certification Regime

It has been six months since the Senior Managers and Certification Regime (SMCR) became applicable to solo regulated FCA firms and although the movement of employees is less than it

ESMA guidance on the compliance function under MiFiD ii

The European Securities and Markets Authority (ESMA), published on the 10 June 2020 the final guidelineson the MiFID II compliance function. These guidelines replace the ESMA guidelines on the same

Expectations of Market Conduct during the Coronavirus Crisis

The FCA published Market Watch 63 on the 27th May 2020 where they set out their expectations of market conduct in the context of increased capital raising events and alternative

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