Introduction to the Client Asset Sourcebook (CASS) Where certain regulated firms hold or control client money or safe custody assets as part of their business, they are required to comply with the FCA’s Client Assets Sourcebook (CASS) rules. The guidance, rules and requirements set out in CASS have been created to ensure that adequate protections […]
Introduction Vulnerabilities come in many different forms, including those created by permanent and temporary circumstances. Certain customers need additional support or guidance when purchasing financial products and services. Vulnerabilities vary by individual and group, meaning a vulnerable customer checklist is an essential tool for gap analysis and risk assessment. All FCA regulated firms are expected […]
What is a Data Protection Impact Assessment? A Data Protection Impact Assessment (DPIA) is a mandatory requirement under the UK GDPR for certain types of data processing and activities. Article 35 states that a DPIA must be carried out where the type of processing is likely to result in a high risk to the rights […]
What is the Consumer Duty? Knowing how to write a product approval process is an essential function for the FCA’s latest retail market rules. The Consumer Duty (‘the Duty’) came into force on 31st July 2023 for new and existing retail products and services. The Duty only applies to retail market customers and aims to […]
Why Do You Need a CCTV Policy? If you are using CCTV surveillance across any business area you should know how to write a CCTV policy. You have a legal obligation to notify individuals that you are using CCTV! You should implement a CCTV policy which defines how, why and when you use CCTV and […]
What is Cyber Essentials? Backed by the Government, Cyber Essentials is a scheme which aims to helps businesses protect themselves from the most common cyber attacks. The scheme incorporates cyber essentials assessment tools, arming firms with the knowledge and understanding to implement policies and controls designed to identify vulnerabilities and implement measures. Whilst there are […]
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.”
What is Due Diligence? Why do you need to perform due diligence client risk assessments? Customer due diligence is the assessment, investigation and review of a supplier, business or individual with whom a company intends to form a business relationship. However, in addition to standard due diligence, part of the customer due diligence process is […]
Lawful Basis for Processing Why do you need to understand the legitimate interests assessment process? When processing personal information, it is a legal requirement to comply with the UK GDPR and data protection laws. Specifically, adhering to the Article 6 lawfulness of processing obligations. Businesses processing personal data should identify which legal basis they are […]
How do you know if you are complying with your Money Laundering Regulations (MLR) obligations? Why Use an AML Compliance Checklist? The rules in the MLR are extensive and when added to those of AML Supervisory Authorities, such as the HMRC and FCA, the scope is even broader. You want to be sure you are […]