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 […]
A risk management program is an essential part of any organisations compliance regime and provides a multifaceted approach to identifying, evaluating, preventing and monitoring risk at an internal and external level. All organisations are subject to a certain level of risk from areas such as money laundering, data protection and information security. However, some businesses […]
Last month, the Financial Conduct Authority (FCA) handed out a £37,805,400 fine to the London branch of Commerzbank AG for significant failings related to anti-money laundering controls and measures. This costly fine included a 30% discount, as the firm offered to settle at an early stage of the investigation. The full fine without an early […]
During the Covid-19 crisis, it is more important than ever for regulated firms to consider their approach to treating customers fairly and vulnerable customers. The FCA have published a statement on their expectations for firms to maintain a high-level of compliance in both areas and for organisations to assess their existing controls and measures to […]
The NCSC (National Cyber Security Centre) have recently reported that they have detected more UK Government branded scams relating to coronavirus than any other subject. The FCA have published statements on their website regarding information security and the coronavirus. “The exceptional circumstances introduced by coronavirus have required firms to change their ways of working at […]
The FCA has published a statement regarding consumer protection and ongoing compliance during the Coronavirus (Covid-19) pandemic. The financial services and consumer credit regulator has emphasised that they still expect regulated firms to demonstrate a high-level of compliance when it comes to treating customers fairly and dealing with vulnerable customers, especially as the ongoing situation […]
An SMF Handover Policy is a mandatory requirement under the Senior Managers Regime. SYSC 25.9.4 of the FCA Handbook provides further guidance and rules for Enhanced firms where an employee is performing a Senior Management Function (SMF). Reasonable steps must be taken to ensure they are provided with adequate information and the materials to carry […]
Certification Functions are those that cover specific functions that are not not specified as Senior Management Functions, but that can still have a significant impact on customers, the firm and/or market integrity. The FCA does not approve those individuals performing certification functions in the same way that they do Senior Managers. Instead, the firm itself […]
In a speech delivered by Nausicaa Delfas (Executive Director of International) at the UK Financial Services Industry Beyond Brexit Summit in London, the FCA discussed their preparations for Brexit and beyond. Whilst it is still the case that nothing is set in stone with regards to the UK leaving the EU, the FCA were keen […]
The FCA are extending the Senior Managers and Certification Regime (SM&CR) to include solo-regulated firms from 9th December 2019. This extension aims to reduce harm to consumers and strengthen market integrity. There are 3 categories under the SM&CR: – Limited Scope: these firms will be exempt from some baseline requirements and will typically have fewer […]