accountability,
oversight,
risk management,
SM&CR,
FMIs
UK Government issued a consultation paper last year setting out its proposals to replicate the Senior Managers & Certification Regime (SM&CR) for Financial Market Infrastructures (FMIs), who are not authorised firms. Here we look at the outcome of that consultation....
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third parties,
oversight,
risk management,
monitoring,
Principals,
appointed representatives,
audit trail
The Appointed Representative Regime (the Regime) was introduced in 1986 initially for investment services. With the introduction of the Financial Services and Markets Act 2000 (FMSA), the Regime’s scope was broadened. The aim of the Regime has always been to provide a...
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governance,
third parties,
accountability,
corporate governance,
pensions,
monitoring,
trusts,
audit trail,
data sharing
From the 1 September 2022, most trusts will need to be registered with HMRC. There are a few exceptions. This follows a 12-month transition period. What’s changing and why? Back in 2017, you may recall that the UK set up the Trust Registration Service (TRS) to fulfil...
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CPD,
SM&CR,
competence,
audit trail
One of the fundamental obligations applicable to all regulated firms is the need to implement appropriate processes to manage risks. One such risk is that of providing unsuitable advice to consumers. This area has been a regulatory hot topic for some time. Remember the...
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FCA,
Regulatory initiative grid,
operational resilience,
appointed representatives
The Financial Services Regulatory Initiatives Forum published its latest update in May. The Regulatory Initiatives Grid (Grid) highlights what is in the pipeline for the FS industry over the next 24 months. Our earlier blogs explained the purpose of the Regulatory...
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systems and controls,
compliance,
FCA,
bribery,
monitoring,
audit
The Bribery Act 2010 updated former outdated legislation. The Act explains bribery & sets out various offences under the Act: Being bribed Bribing foreign public officials Failing to prevent bribery Making facilitation payments The Act defines Bribery as an act...
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governance,
consumerduty,
FCA,
disclosures,
complaints,
audit trail
The FCA states that the Consumer Duty aims to “ensure a higher and more consistent standard of consumer protection for users of financial services and help to stop harm before it happens” The new Consumer Duty requirements are due to be finalised in July. It comes at a...
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governance,
corporate governance,
complaints,
audit trail
All regulated firms must have a process for handling complaints. Its purpose is to ensure that customer complaints are dealt with effectively, expediently and appropriately. Firms were reminded of this fact in the FCA’s Business Plan and Strategy documents. Regulatory...
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third parties,
assessments,
operational resilience,
audit trail,
data sharing,
cyber resilience
The FCA published a cyber resilience questionnaire cross sector report in 2018 and its findings are still relevant today. The cross sector report highlighted that the following points were top of the agenda for many firms: Concerns around cyber resilience Improving...
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assessments,
FCA,
reporting,
risk management,
regulatory strategy,
monitoring,
audit trail,
business plan
It’s that time again! This year the FCA has issued a Strategy Document for the next three years to accompany its Business plan for 2022-23. This will be followed shortly by publication of its Data Strategy. Last year the FCA focused on becoming "more innovative, more...
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assessments,
FCA,
risk management,
PRA,
ESA,
digital assets,
cryptoassets
In recent years, the term cryptoassets has slowly crept into our vocabulary. It’s a hot topic for debate and in the past few weeks, we’ve seen various countries and regions issuing guidance and warnings to both regulated firms and the public. What are cryptoassets?...
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governance,
ESG,
Responsible investment,
sustainability,
SDR,
Stewardship,
SFDR,
sustainable disclosures
In October 2021, the UK government published its roadmap for sustainable investing. In the previous month, it had raised £10 billion for green projects via its first green gilt, which launched the UK’s green financing programme. How can firms help? Financial Services...
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