The Financial Conduct Authority (FCA) have always had a robust approach to the way vulnerable customers are managed by regulated firms. However, following on from reviews and the Covid-19 crisis, the FCA have said “we want to drive improvements in the way firms treat vulnerable consumers and bring about a practical shift in firms’ actions and behaviour.”
Art. 13 and Art. 14 of the UK GDPR specify what information needs to be provided to individuals when their personal data is being processed. Art. 13 details the requirements where data has been collected directly from the data subject and should be provided in the form of a Privacy Notice.
Every business needs a structured complaint procedure template. Most importantly, a complaint handling procedure should support a method of review and improvement.
Alongside a procedure, using a complaint handling log allows for patterns to be identified. This in turn, enables a company to prevent similar issues from arising in the future. Simply put, complaint procedure templates, logs and complaint response examples offer consistency and clarity.
Businesses with anti money laundering obligations are required to carry out a risk assessment. Most importantly, the aim of this is to identify, assess and mitigate risks associated with financial crime. The FCA and HMRC are two of the bodies acting as supervisory authorities for the MLR. For instance, both have rules and guidance on the risk assessment process.
The Government is currently seeking feedback on their intended amendments to the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The consultation closes on 14th October 2021 with changes likely to be enforced from Spring 2022.