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 […]
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.”
Introduction The Consumer Duty (“the Duty”) is now in force for all open and existing retail products and services. There are hundreds of pages of rules, guidance and publications to sift through. The Consumer Duty in a Nutshell article summarises this information to help you understand the Duty and your obligations. This page will aid […]
Skills Gap Analysis Overview If you are wondering how to carry out a skills gap analysis, this article will provide you with the generic stages and criteria. Completing a skills gap analysis is a key business function that is applicable to all business types and industries. The starting point is to identify what skills your […]
Who Are Vulnerable Customers? The FCA define a Vulnerable Customer as: – “Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care.” In their Approach to Consumers guidance paper, the FCA notes four factors that can act as drivers to actual […]
How do the Consumer Duty & SMCR tie in together? Know Your Compliance Limited already offer the UK’s leading SMCR Policy Toolkit with over 25 policies, checklists and tools for complying with the Senior Managers & Certification Regime (SMCR). However, the introduction of new regulatory rules and guidance from 31st July 2023 under The Consumer […]
Surprisingly, some firms are still not complying with the Money Laundering Regulations and the FCA’s oversight requirements for anti-money laundering compliance. For organisations such as Guaranty Trust Bank (UK) Limited, it appears that a past FCA fine totalling £525,000 in August 2013 for major AML systemic failings, was insufficient to make the bank review and revise […]
What is an FCA Compliance Manual? Know Your Compliance Limited are proud to offer the UK’s leading and most comprehensive suite of policies, procedures, templates and checklists for FCA authorised firms. With more than 7500 organisations using our documents, you can be assured of professional, high quality content and templates. Whether you are currently going […]
Discover the UK’s Leading FCA Compliance Manual FCA Authorisation Guidance If you plan to carry out regulated activities, you will need to be authorised by the Financial Conduct Authority (FCA). Complying with the many rules and requirements means having the mandatory policies and controls in place prior to submitting your application. Read our FCA Authorisation […]
Download your free copy of our FCA regulatory business plan template to supplement your authorisation application.
Can be used by any business type applying for authorisation with the FCA to carry out regulated activities.