2021 ended with a bang as the value of FCA fines against firms jumped to a staggering £577m, their highest value in six years. But whilst financial penalties might have grabbed the headlines, senior risk and compliance professionals can’t ignore the ever-growing list of regulatory considerations that compete for their time, budget and resources. In […]
A new Consumer Duty to be introduced by the Financial Conduct Authority (FCA) in July requires firms with retail clients to review almost every aspect of the relationship with their consumers. The regulator’s not standing on ceremony; holding senior managers accountable if firms don't put consumers at the heart of what they do and embed […]
The new Consumer Duty proposed by the FCA will place the responsibilities of a firm to avoid foreseeable customer harm squarely on the shoulders of Senior Managers and board members. There's no ifs or buts on this as the regulator plans to hold Senior Managers accountable for assessing whether the firm is delivering good outcomes […]
Now that the FCA's plans for the new Consumer Duty have started to sink in, firms are galvanising their project teams and starting their Gap Analyses. However, whilst there is a lot of talk and discussion about the new principle for business, cross cutting rules and new conduct rules, there appears to be very little […]
The newly proposed Consumer Duty of Care (CDOC) is a topic on everyone’s agenda at the moment. With an increased focus on the end consumer and a key consideration being how firms treat their most vulnerable customers, the FCA has clearly laid out its expectation in not one but two consultation papers on this particular […]
SM&CR – not just a cost to your firm but the cornerstone for ensuring ‘conduct, culture and accountability’. No doubt that over the last 18 months you have heard the FCA talk regularly about becoming a more data led regulator. Nikhil Rathi (CEO) has been driving through a project to ensure that the FCA is […]
FCA plan and priorities for 2022/23 Now that the FCA’s Business Plan has been issued, the Worksmart team (and guests) will be discussing and debating the critical regulatory topics for firms to consider in 22/23. Under the leadership of Nikhil Rathi, CEO, it is fair to say that the first year of his tenure has […]
SM&CR has been with us as an industry since 2016 now for those in Banking & Insurance and 2018/19 for Solo Regulated firms. How has it been for you? When launched the FCA focused in on four key areas of change that they were expecting the regime to deliver against namely:- More effective senior managers […]
The newly proposed Consumer Duty (CD) is a topic on everyone's agenda at the moment. With an increased focus on the end consumer and a key consideration being how firms treat their most vulnerable customers, the Financial Conduct Authority (FCA) has clearly laid out its expectation in not one, but two consultation papers on this […]
The newly proposed Consumer Duty (CD) is a topic on everyone's agenda for quite some time and now it's finally here with a bang – with boards being required to approve their firm’s implementation plans by the end of October 2022. However, with proper planning, ensuring compliance with the new higher standards doesn’t need to […]
In light of the news of the passing of Her Majesty Queen Elizabeth II, this webinar has been postponed. We apologize for any inconvenience this may have caused. Worksmart are excited to be part of the upcoming event in partnership with Legal & General Mortgage Club. Following on from the two CP’s published by […]
Through the recently published policy statement (PS 22/9) and finalised guidance (FG 22/5) the FCA have set out their requirements for the new Consumer Duty. The Duty is set to enhance existing rules with an aim of tackling the harms that the regulator believes exists in retail financial services markets, but most importantly also their […]