FCA publishes draft rules on how it will regulate Claims Management Companies

The Financial Conduct Authority (“FCA”) has published draft rules outlining how it will regulate Claims Management Companies (“CMCs”) when regulation passes to it on 1 April 2019. At the same time the Financial Ombudsman Service will become responsible for resolving disputes about CMCs. The claims management industry has grown substantially [...]

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Data Protection Act 2018

Of relevance to: All regulated firms Key dates: Royal Assent 23 May 2018 The Data Protection Act 2018 replaces the Data Protection Act 1998 and provides a comprehensive legal framework for data protection in the UK, supplemented by the General Data Protection Regulation (“GDPR”) until the UK leaves the European [...]

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Private Fund Limited Partnerships

Private Fund Limited Partnerships Of Relevance to: Managers of private equity and venture capital funds; managers of unauthorised collective investment schemes A reminder that ‘The Legislative Reform (Private Fund Limited Partnerships) Order 2017’ (2015/514) came into force on 6 April 2017. As advised in Regulatory Roundup 66, the Order will [...]

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Regulatory References Update

Of Relevance to: All firms In October 2015 the FCA launched a joint Consultation Paper (CP15/31) with the PRA on “Strengthening accountability in banking and insurance: regulatory references” – see Regulatory Roundup 69. The consultation proposed introducing a new chapter in SYSC on ‘Regulatory References’ which would be referenced in [...]

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Senior Managers Regime

Last October HM Treasury issued a policy statement in which it advised: the Government considers it appropriate to extend the Senior Managers Regime (SMR) and the Certification Regime (CR) to all financial firms (‘during 2018’) and to replace the ‘presumption of responsibility’ for senior managers with a ‘duty of responsibility’ [...]

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Performance Management

The FCA has published Guidance on the risk to customers from performance management at firms (FG15/10) – the paper advises that it will be relevant to all types of firm with staff who deal directly with retail customers. In the context of the issued Guidance ‘performance management’ refers to the [...]

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Complaints

The previous Regulatory Roundup (issue 65) drew attention to changes to the ‘complaints rules’ in DISP which had the effect of classifying certain professional clients as eligible complainants and hence affording them the same complaints handling requirements – including the right to refer to the FOS – as was previously enjoyed [...]

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Feature – Compliance Management

As the increasing regulatory burden places more demands on a firm’s time, ComplyTracker is an invaluable compliance management tool. What is ComplyTracker? ComplyTracker is an industry-leading compliance management system for FCA regulated firms. The system represents a complete compliance infrastructure which enables firms to efficiently manage their compliance documentation, complete [...]

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Prudential Supervision ICAAP

On 13 May 2015, the FCA held its first ever Prudential Supervision Forum in which it reminded firms that prudential supervision is “not just about the financials”. As such, firms should expect to be challenged by the regulator not only on the financial risks inherent within their business models but [...]

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Transaction Reporting Failure

Merill Lynch International (MLI) became the twelfth firm to be fined by the Regulator for a transaction reporting failure – the previous one being Deutsche Bank last August. The Final Notice concerns failings between November 2007 and November 2014, although it does also reference that the firm had been subject [...]

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