After much speculation, PS23/16 was finally unveiled on 28 November 2023. As consumer demand for sustainable investment products increases, the Financial Conduct Authority (“FCA”) recognises the need for investors to have confidence in these products and services. The sustainable finance market is not without controversy, with some firms reportedly making [...]
The FCA has recently published its Consultation Paper on Regulatory fees and levies: policy proposals for 2024/25, which sets out the FCA’s proposed policy changes to the way it will raise its fees from 2024/25. The proposed changes will affect firms that pay fees or levies to one or more [...]
The UK Financial Conduct Authority (FCA) recently completed a review of investment firms’ implementation of the Internal Capital and Risk Assessment (ICARA) process under the Investment Firms Prudential Regime (IFPR). The review aimed to assess firms’ progress in adopting the regime and planning for adequate financial resources and orderly wind-downs. [...]
This November, the UK has been at the forefront of Artificial Intelligence (“AI”) discussions, with Prime Minister Rishi Sunak hosting the world’s first Global AI Safety Summit. However, for financial firms in the UK, it can be difficult to navigate between the risks, benefits and potential regulation facing AI. With [...]
As regulations grow more complex, financial services firms face increasing scrutiny of their governance and controls. Robust internal audits are essential to test and evidence compliance across areas like conduct, governance and AML/CFT. This Q&A examines the role of independent internal audit and how specialist firm Complyport can help regulated [...]
What is the FCA Saying? The FCA has recently published a “Dear CEO” letter to Wealth Management and Stockbroking Firms to highlight the harms that these firms pose to the market and consumers and outline its updated regulatory and supervisory agenda. While the FCA will still monitor the firms’ compliance [...]
The Financial Conduct Authority (“FCA”) recently published a memo related to companies dealing in cryptoassets. The update sets out requirements as part of the wider rules and guidance for cryptoasset businesses. For firms where appropriate for the size and nature of the business, an independent internal audit function must be [...]
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 [...]
October 2023 has been a very busy month for the FCA in terms of crypto asset regulation. In case you missed them, these were some of the most important FCA publications: Finalised guidance for crypto firms to help them comply with marketing rules has been published The FCA has identified [...]
Complyport has noted growing attention from the Financial Conduct Authority (“FCA”) and UK financial firms on compliance with the Client Assets Sourcebook (“CASS”) rules. The Regulator is focused on ensuring firms adhere to CASS requirements for safeguarding client assets. To comply with CASS, firms need to understand and follow the [...]
The UK’s Financial Conduct Authority (FCA) has demonstrated its commitment to enforcing strong cybersecurity and data protection standards in the financial services industry. This was recently exemplified by the FCA’s £11.2 million fine imposed on Equifax Ltd for failing to protect the personal data of nearly 14 million UK consumers [...]
On 26th June 2023, the International Sustainability Standards Board (“ISSB”) issued the International Financial Reporting Standards (“IFRS”) S1 General Requirements for Disclosure of Sustainability-related Financial Information, which will come into effect on 1st January 2024. These standards will be applicable to any reporting entity. IFRS S1 (and IFRS S2) builds [...]
Open to Feedback The FCA published Consultation Paper CP23/21: Consumer Credit- Product Sales Data Reporting on 27th of September 2023. Through this FCA is currently seeking feedback on its proposal to introduce three new product sales data (PSD) returns into its Supervision Manual (SUP 16). The returns will help the [...]
The Financial Conduct Authority (“FCA”) is steadfast in its commitment to maintaining a UK financial system which is clean, free from corruption and guarded against financial crime. The regulator launched a review in September 2023 aimed to look carefully at firms’ frameworks for dealing with Politically Exposed Persons (“PEPs”) based in [...]
Confusion remains over the role of a Money-laundering Reporting Officer (MLRO). We’ve reviewed mainstream practices to identify key responsibilities. While our focus is on UK MLROs, the role of an AML compliance officer is not all that different in other jurisdictions, especially across the EU, where the risk-based approach stands [...]
The finance world has always been subject to regulations to ensure consumer safety and market integrity. Within this sphere, the Financial Conduct Authority (FCA) of the UK, is asserting its role with fresh intensity, especially in the buzzing domain of cryptocurrency. When we peek into the recent happenings, the FCA [...]
What is the FCA Saying? The FCA has recently issued a “Dear CEO” letter to Corporate Finance Firms (“CFFs”) to outline potential harms to consumers and markets it anticipates will arise from business models of CFFs. The letter also provides a strategy to address these harms and communicate its [...]
The FCA has made clear it will take action against firms breaching financial promotions regime. Within the initial 24 hours of the Financial Conduct Authority (FCA) introducing more stringent regulations aimed at enhancing the transparency and accuracy of cryptoasset product marketing, the FCA has issued a total of 146 alerts [...]
On 25th September 2023, the Financial Conduct Authority (‘FCA’) published CP23/20 alongside the Prudential Regulation Authority (‘PRA’), which proposes a new regulatory framework on Diversity and Inclusion (‘D&I’) in the financial sector. By clarifying and strengthening its expectations surrounding non-financial misconduct across regulated firms, the FCA intends to create and [...]
In the rapidly evolving world of cryptoassets, staying on the right side of the law is paramount. If you’re a cryptoasset firm operating in the UK or marketing to UK consumers, you need to be aware of significant changes coming into effect. From the 8th of October 2023, [...]
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