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Outsourcing Working Group

Regulatory Roundup 51 contained an article on the FCA’s recent thematic report on outsourcing in the asset management industry. Two key findings were inadequate oversight and inadequate contingency plans to […] [...]

Outsourcing & Asset Management

The FCA has published “Outsourcing in the Asset Management Industry: Thematic Project Findings Report” (TR13/10) which is based upon a sample of 17 asset managers (including 3 hedge fund managers). […] [...]

Close Links and Controllers Reports

The need for a firm to send to the FCA annual close links and controllers reports is set out in SUP 16.4 and SUP 16.5 respectively. Those responsible for the […] [...]

UCIS: FCA Actions

The FCA, like the FSA, continues to have an interest in the promotion of unregulated collective investment schemes (UCIS) – see e.g. FCA Risk Outlook 2013 covered in Regulatory Roundup […] [...]

FCA Supervision Approach

At an APCIMS conference Clive Adamson, FCA Director of Supervision, outlined the FCA supervision approach. Although the emphasis was upon the Wealth Management and Private Banking sector, firms as a […] [...]

Transaction Reporting Problems

Transaction reporting (SUP 17) continues to be a problem area for firms. RBS is the latest big name to be fined (£5.6m after a discount for early settlement, otherwise it […] [...]

Restrictions on UCIS and ‘Close Substitutes’

The FCA has published policy statement PS13/3: “Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes” and will be of interest to both discretionary portfolio managers […] [...]

UK Investment Management Strategy

Investment management firms will be heartened to learn that the government recognises the importance of the sector to the UK economy in the publication of ‘The UK investment management strategy’. […] [...]

Status Disclosure

Regulatory Roundup 47 reminded firms of the need to update the status disclosures on their stationery to reflect the move from the FSA to the FCA (and PRA where relevant) […] [...]

FCA (and PRA) Fees 2013/14

As advised in Regulatory Roundup 47, the FCA Business Plan identified an Annual Funding Requirement (AFR) of £432.1m which, of course, has to be met by fees. The FCA has […] [...]

FCA Policy Development

The FCA’s first policy development update has recently been published. The document acts as a useful reference source for both recently published consultations etc. which you may have missed, together […] [...]

Out With The Old…

A reminder that the FSA disappears on 1 April to be replaced by the Financial Conduct Authority (FCA) and, for relevant firms, the Prudential Regulation Authority (PRA). The FSA made […] [...]

Status Disclosure

On the matter of ‘status disclosure’ and the cut-over to the FCA (see article ‘Out With The Old…’) firms should not overlook the need to update their stationery when necessary […] [...]

FCA Business Plan

The FCA’s very first Business Plan has been published. As has previously been announced, the FCA will be much more proactive , “acting earlier and more decisively than the FSA”. […] [...]

FCA Risk Outlook

The publication of the FCA’s Business Plan – see separate article – was accompanied by the FCA Risk Outlook 2013. The FCA Risk Outlook identifies potential risks, some of which […] [...]

FSA: Client Assets Unit

Firms that are subject to CASS may find the recent presentation given by Richard Sutcliffe, FSA Head of Client Assets Unit, worth reviewing as it serves to reinforce the FSA’s […] [...]

Complyport Wins Thomson Reuters Award

Complyport is delighted to announce it has been awarded the 2012 Best Consulting Firm of the Year at the 8th Annual Thomson Reuters Accelus Compliance Awards – beating five other […] [...]

Reform of Approved Persons Regime

More changes to the Handbook arising from the impending move from the FSA to the FCA/PRA regime are proposed in CP12/26 ‘Regulatory reform: the PRA and FCA regimes for Approved […] [...]

The Journey Ahead

A speech by Martin Wheatley, FCA CEO Designate, on 16 October announced the launch of ‘Journey to the FCA’ which sets out how the FCA will approach its regulatory objectives […] [...]

Transactions Actions

Things have been quiet of late in respect of transaction reporting failings by firms since City Index (see Regulatory Roundup 25). However the silence was broken by the publication of […] [...]

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