Blogs

Trustees: The September deadline is looming. Are you ready?

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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Do amended CPD requirements offer greater flexibility?

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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Regulatory Initiatives Forum Update

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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Prevent bribery occurring on your watch

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The Bribery Act 2010 updated former outdated legislation.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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What is the new Consumer Duty?

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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How effective governance aids complaints handling

governance, corporate governance, complaints, audit trail

Discover the impact of effective governance on complaints handling 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...

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Operational Resilience: Don't forget Cyber Resilience!

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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Assertive FCA issues Business Plan & Strategy

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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Cryptoassets: Why be concerned?

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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Sustainable Investing

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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Assess & Prove Competence

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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MiFID II Quick Fixes

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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