SMCR compliance and FCA documents go hand in hand. Complying in one area can go a long way toward helping you comply in the other. Furthermore, firms with SMCR obligations will be required to comply with many of the general FCA Handbook rules. When considering hwo you are going to comply with the Senior Managers […]
As the UK has written the EU GDPR into UK law (UK-GDPR) to be read alongside the DPA18, much of the former Regulation on data protection still applies as written to those processing personal data within the UK. The main area causing some confusion is GDPR Chapter V (Art. 44-50) on transfers of personal data […]
Are your Data Protection Act 2018 policies and procedures still compliant? The GDPR and the UK’s Data Protection Act 2018 (DPA18) have been in force since 25th May 2018. The laws brought with them stronger protections for individuals and their personal data. Much of the DPA18 writes the GDPR into UK law and provides additional […]
The General Data Protection Regulation (GDPR) and Data Protection Act 2018 were enforced from 25th May 2018, introducing stronger, tighter controls & measures for protecting personal data and the rights of individual’s. Our extensive GDPR/DPA18 Audit Checklist has over 140 assessment questions and enables you to assess, review and evidence your data protection compliance and commitement […]
Why are SM&CR Templates important? The FCA Senior Managers and Certification Regime (SM&CR) applies to solo-regulated firms. This regime change took place in December 2019 and replaced the Approved Persons Regime. The SMCR already applied to UK banks, building societies and credit unions. Dual-regulated insurers (those regulated by both the FCA and PRA) were already regulated […]
The FATF encourage the full use of a risk-based approach to customer due diligence which is essential in knowing who businesses are working with and on behalf of. Extensive and robust due diligence controls are one of the key measures in identifying money laundering risks and should form a large part of any AML […]
The Information Commissioner’s Office (ICO) have conducted a two-year investigation into the handling and use of personal data held by the 3 main credit reference agencies, Experian Limited, Equifax and TransUnion. The ICO found data protection breaches within all 3 agencies citing “significant ‘invisible’ processing took place, likely affecting millions of adults in the UK”. […]
The FCA were given powers under the FSMA to write Conduct Rules for regulated business employees. These rules applied to the banking sector from 2016 onwards. Subsequently, the regime was extended to all solo-regulated firms from December 2019. What are the SMCR Conduct Rules? The enforceable Conduct Rules set out expected standards of personal conduct […]
The FCA extended the Senior Managers and Certification Regime (SMCR) to approx 47,000 firms in December 2019. Subsequently, this included new rules for senior managers and certification staff within those firms. The extension of the SMCR makes Senior Managers and certain employees accountable for their actions and competence. Those with obligations under the SMCR must […]
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The GDPR (and the DPA18 which writes this Regulation in to UK law) sets out under Article 5 the principles that relate to the processing of personal data. These principles can be condensed into: – Lawfulness, fairness and transparency Purpose limitation Data minimisation Accuracy Storage limitation Integrity and confidentiality Paragraph 2 of Article 5 states […]