Your MLRO Training Day With regulatory fines exceeding £600 million in the past two years due to failures in AML systems and controls – are you or your team aptly prepared? Complyport and the London Governance & Compliance Academy are hosting an MLRO Training Day to provide the knowledge and skills you need to [...]
As the financial services industry continues to evolve at an unprecedented pace, operational resilience is at the forefront of concerns for many firms within the UK Financial firms and customers alike. The UK Financial Services industry, a cornerstone of the global financial ecosystem, is now grappling with rising threats that [...]
In today’s rapidly evolving financial landscape, Payment Service Providers (PSPs) such as payment Institutions (PIs) and Electronic Money Institutions (EMIs) have emerged as pivotal players, facilitating seamless and efficient electronic transactions. However, as the financial ecosystem becomes increasingly interconnected and digitalised, regulatory bodies such as the Financial Conduct Authority (FCA) [...]
In the aftermath of the banking failure of Silicon Valley Bank (SVB) in March of 2023, it becomes crucial to delve into the events that preceded the collapse, identifying key factors and drawing valuable insights. This case study focuses on the bank’s failures which triggered one of the most substantial [...]
Our recent authorisations webinar shed light on the intricacies of the authorisation process with the FCA, including considerations around authorisations for new entities, Variation of Permissions (VoP) and Change in Control. The session included a Q&A segment, where attendees had the opportunity to seek clarity on various aspects of the [...]
In a 2018 report, the Cryptoassets Taskforce (“CATF”) identified several risks cryptoassets may pose to consumers. The report outlined a significant risk of harm posed to consumers buying cryptoassets due to a lack of awareness of the inherent risks of such assets. The CATF determined that this lack of awareness [...]
Technology has had a profound impact on the financial services industry, with payment providers at the forefront of this transformation. People are more frequently relying on technology to make their lives more convenient through payment apps and services like Apple Pay and other online payment solutions. Regulatory bodies such as [...]
In a rapidly evolving financial landscape, it is paramount for financial firms in the UK to prioritise Environmental, Social, and Governance (“ESG”) factors. More than a trend, the consideration of ESG issues represents a strategic and necessary investment in the future of the financial services industry. The focus on ESG [...]
New Quarterly Reporting Initiative by the FCA On the 19th of May 2023, the FCA published their Authorisations operating service metrics 2022/23 Q4. As a consultancy firm, we have been paying close attention to the FCA’s move to enhance transparency by reporting these metrics on a quarterly basis and this [...]
The findings from the FCA’s Financial Lives survey published on 17th May serve as a timely reminder of the hardships consumers face in the current economic climate. As a firm, we help our clients understand and address these growing challenges, particularly considering the forthcoming introduction of Consumer Duty. The research [...]
On the 10th May 2023, The Financial Conduct Authority (FCA) issued a warning to firms regarding the upcoming Consumer Duty deadline, which is less than 90 days away. Firms are being urged to ensure they are prepared for the 31st July deadline. Sheldon Mills, Executive Director of Consumers and Competition [...]
The Financial Conduct Authority (FCA) recently conducted a peer review of firms offering Contracts for Difference (CFDs) and spread bets to enhance market abuse surveillance arrangements and uplift standards. The review gathered data from 9 carefully selected firms and yielded positive results, with all firms having effective surveillance to detect [...]
The immediate FCA Consumer Duty Implementation deadline firms must consider is 30th April 2023, when they must have finished their review of existing open products. With the main rules coming into force on 31st July, 2023 for existing products and services, the FCA are expecting firms to be finishing laying [...]
The Financial Conduct Authority (“FCA”) has sent a letter to CEOs following its portfolio letter to benchmark administrators. It outlines the supervisory priorities and view of the risks within the sector. Within the recent Dear CEO Letter, the FCA expressed its concern over the quality of disclosures made by a [...]
The Financial Conduct Authority (FCA) has launched a review of the Senior Managers and Certification Regime (SMCR) in collaboration with The Treasury and Bank of England (BoE). The regulator has published a discussion paper seeking feedback on the rules, as part of the Edinburgh Reforms announced in December 2022. The [...]
What is Market Abuse? The EU Market Abuse Regulation states market abuse is “a concept that encompasses unlawful behaviour in the financial markets”. The practice involves individuals and firms using market sensitive information and using the information to manipulate or gain an unfair advantage over the market. It is problematic [...]
On the 1st February 2023 , J.P. Morgan Global Alternatives disclosed that institutional investors under the guidance of their wholly-owned timber investment manager, Campbell Global, have spearheaded the acquisition of over 250,000 acres of productive, high-quality, commercial timberland in three properties situated in the Southeastern USA. The acquisition, valued at [...]
The Economic Crime (Anti-Money Laundering) Levy was introduced as part of the government’s wider 2019 Economic Crime Plan (ECP), aiming to reduce economic crime. The Levy applies to entities regulated for anti-money laundering (AML) purposes, and will be collected by HM Revenue and Customs (HMRC), the FCA, and the Gambling [...]
We are pleased to announce that Complyport has been shortlisted at A-Team Group’s 2023 RegTech Insight Awards Europe! These awards honour established solution providers and innovative newcomers that have developed successful RegTech solutions throughout the year, improving firms’ ability to respond to ever-changing and increasingly complex regulatory requirements across [...]
Customer Due Diligence (CDD) is a requirement for businesses subjected to the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (2017) (MLRs 2017). CDD refers to the process by which companies gather sufficient information on a new or existing client and examine the risks of doing business with them. This [...]
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