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 […]
The Senior Managers and Certification Regime (SMCR) replaced the Approved Persons Regime (APR) for solo-regulated firms from 9th December 2019. Firms with obligations under the SM&CR have until 9th December 2020 to ensure: – all relevant staff are trained on the Conduct Rules and how they apply to their roles all staff in certified roles […]
The Data Protection Act 2018 (DPA18) outlines the requirement for an Appropriate Policy Document (APD) to be in place when processing special category and/or criminal offence data under certain specified conditions. In November 2019, the ICO published a template for this document that can be easily customised and used by businesses to meet the requirements […]
Will the UK have a deal with the EU before October 31st? As of writing this post the answer is still uncertain and so it is essential that firms of all sizes with obligations under the GDPR ensure that they are fully compliant with the Regulation. The UK Government have already confirmed that the GDPR […]
Governing bodies have stressed how essential it is to have complete and robust compliance programs in place, with emphasis on data protection, information security, vulnerable customers and complaint handling. In these difficult times, people are extremely stressed and anxious, which may lead to additional complaints where service or product expectations have not been met. Whilst […]
Carrying out effective and compliant due diligence is not just for businesses with obligations under the Money Laundering Regulations 2017 or for those authorised or supervised by the FCA or HMRC. Most firms will be required to complete due diligence on suppliers, customers and/or employees to meet business and sometimes legal obligations. It is essential […]
More and more firms are looking to gain and maintain FCA authorisation. The FCA Compliance Manual provided by Know Your Compliance Limited is the UK’s leading regulatory compliance manual. Providing a 260-page manual, 150+ policy templates and checklists and template suites for SMCR, Consumer Duty, CASS and more. More than 11,000 firms already use our […]
Most businesses are required to carry out some form of due diligence in meeting their regulatory, contractual or legal obligations and to mitigate the risks associated with standard business relationships such as working with suppliers, customers, employees and other third parties. Carrying out effective and adequate due diligence also helps to protect an organisations’ customers […]