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 […]
Anti Money Laundering templates for small firms should provide ready-to-use content that is easily customised. Many of the smaller firms who have obligations under the Money Laundering Regulations are supervised by the HMRC. However, some have other supervisory authorities such as the FCA or professional bodies. Whoever your AML supervisor is, you will need to […]
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 […]
What is Third Party Reliance? Using third party reliance templates enables you to meet your AML and due diligence obligations whilst complying with the mandatory regulations. Third party reliance does exactly what it says, it enables a relevant person to rely on a third party for carrying out certain due diligence measures. Part 4. Section […]