governance,
accountability,
culture,
corporate governance,
oversight,
Code of Conduct,
SM&CR,
competence,
audit trail
The Senior Managers & Certification Regime (SM&CR) was first introduced in 2016 for banks and then phased in until it was finally extended to include the remaining regulated firms at the end of 2019. SM&CR aims to encourage greater accountability within firms whilst...
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FCA,
disclosures,
conflicts,
transparency,
RTS28,
inducements,
communications,
RTS27,
ESMA,
research,
MIFID II,
best execution
The FCA’s policy ( PS21/20 ) outlined its changes to COBS research rules as well as the removal of the best execution reporting in RTS 27 and RTS 28. These changes are part of a wider review of the Capital Markets by the FCA and HM Treasury. The Government wishes to...
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governance,
third parties,
oversight,
breach management,
risk management,
CASS,
client assets,
audit trail,
outsourcing,
transfer agents,
AIFs,
UCITS Funds,
depositaires
Prior to AIFMD and UCITS V, transfer agents (TAs) were unknown, however the need for greater transparency and trust has raised their profile. Transfer agents play an important role in financial services. They fulfil a number of functions such as maintaining and...
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governance,
third parties,
oversight
Governing bodies have a duty to fulfil in providing oversight. What does that mean for workplace pensions? For workplace pensions, the bodies tasked with this oversight are the Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs). With...
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governance,
third parties,
operational resilience,
impact tolerances
The FCA hosted a live event providing feedback to the industry regards preparation for the March 2022 deadline. During the session, representatives from both the FCA and PRA presented feedback and responded to industry queries. The regulators were keen to remind...
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governance,
third parties,
assessments,
oversight,
risk management,
monitoring,
due diligence,
competence,
appointed representatives
In December 2021, the FCA published its proposals for improving the oversight of appointed representatives. Regulatory expectations: The FCA is looking to reduce harm to consumers by strengthening the appointed representatives regime. From its thematic reviews of...
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FCA,
Regulatory initiative grid,
regulatory strategy
The FS Regulatory Initiatives Forum is still relatively new. In our earlier publication , we reviewed this collaborative approach towards financial services in the UK. The aim is to coordinate efforts to help firms manage regulatory change. In November 2021, the Forum...
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corporate governance,
COP26,
ESG,
trust,
sustainability,
SDR,
transparency,
sustainable disclosures
In November, the Financial Conduct Authority’s CEO, Nikhil Rathi delivered a speech at the United Nations Climate Change Conference (COP26). His speech highlighted the need for a strategy that encourages positive and sustainable change. The FCA’s strategy supports the...
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governance,
culture,
breach management,
risk management,
monitoring,
issues,
TCF
One of the fundamental obligations applicable to all regulated firms is the need to implement appropriate processes to manage risks. But how do we encourage our staff to take responsibility and raise issues appropriately? Good risk management brings many benefits to...
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accountability,
risk management,
operational resilience
L ike banks, insurers operate on a large scale and globally, but by their very nature, insurers are exposed to more risks than the average bank, wealth manager or other regulated firms. This is because insurers support the economy by transferring the risks that we face...
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governance,
accountability,
culture,
remuneration,
SIMR,
SM&CR,
certification,
competence
The Senior Managers & Certification Regime (SM&CR) for insurers took effect in December 2018. As part of the Solvency II regime, insurers were already subject to the Senior Insurance Managers Regime (SIMR) introduced in 2016. Despite that, there were some new...
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third parties,
assessments,
audit,
CASS,
data sharing
Whilst it is not the regulator’s objective to prevent firms from failing, where a firm does fail, the aim is to manage this in an orderly manner. Hence the basic capital resources requirement for all regulated firms. The regulator aims to avoid disorderly failure,...
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