In November 2021, the Forum issued the latest regulatory initiatives Grid covering the next 18-24 months. What can we expect in 2022 and beyond?
Aside from ESG, other initiatives affecting financial services include:
Conduct initiatives range from FCA’s new Consumer Duty with final rules due in Q3 2022. It also sees the HMT reviewing money laundering regimes and the high-risk countries listing. One joint consultation between HMT and the FCA looks at the financial promotions regime and plans to implement a regulatory gateway for authorised firms before they may sign off unauthorised firms’ promotions. Current plans indicate that the gateway will open in 2023.
The above is not an exhaustive list, but a little taste of what's to come. There is certainly a great deal of work on the horizon.
Firms need to review the consultation papers and policy statements to identify those areas that will impact their services. Firms should also start planning now ahead of any required changes and provide ongoing guidance to boards ahead of any deadlines.
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Head of Client Regulation| Ruleguard