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STAY IN THE KNOW.

Did you know that an average compliance officer spends over 15% of their time reading through regulatory updates?

 

Whether you are looking for FCA consultation paper, FCA or ICO regulatory updates, industry changes or reminders about key events, we have the solution for you. 

As all our updates are drafted by experienced consultants, we are best placed to answer any queries you may have regarding the changes.

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EfficiencyPracticality. Clarity.

Guiding principles of our regulatory updates...

REGULATORY UPDATES.

Our regulatory updates have been designed to bring you the latest FCA, ICO and other regulatory developments in a unique format.

Beyond the practical assessment of the changes, you can use the updates to document your assessment of the change, circulate it as an internal memo, evidence CPD requirements, request internal feedback from stakeholders and much more.

You can achieve all of this with our easy to read documents, sent to you for free as part of our newsletter.

Check out some samples below.

Dear CEO letter - LLMI portfolio

The FCA has issued the letter to outline its expectations of the relevant firms and its supervision strategy. We recommend that all FCA regulated firms in the insurance sector read, consider and action the content of it

Financial Resource (FG20/1)

This update looks at what the FCA expect of all firms with respect to their risk management framework; focusing on financial resource adequacy. Content of this update impacts all regulated firms (FG20/1).

Vulnerable customers (FS20/5)

The FCA has published a range of guidance firms must consider in order to support customers in financial difficulties, caused by COVID-19. We recommend firms document their consideration in details.

Insurance Pricing Practice

The FCA found that ‘price walking’ practices , or other pricing strategy to discourage ‘shopping around’ is wide-spread. To address these concerns, the FCA launched this consultation aiming at the Home and Motor sector.

SM&CR Extension

In this update we are looking at what the extension to the implementation of the Certification Regime really means for firms. Important to note, it is not a full extension of the remaining SM&CR implementation.

Product Value (FS20/7)

Due to COVID-19, the FCA requires firms to review product value. In this update we review what it means to insurance brokers (manufacturers & distributors). All firms must conduct this by December 2020 (FS20/7).

ICO Update: COVID-19

In this update, we remind firms about the importance of data protection, particularly during the lock-down. The enhanced cybercrime risk leaves firms vulnerable, more so than ever!

 

Use our free updates internally...

REGULATORY INSIGHTS.

The regulatory landscape for FCA, PRA and ICO regulated firms can be overwhelming and sometimes difficult to stay on top-of. From regulatory returns to financial crime regulation to ICO regulation, the applicable rules are vast and often challenging to implement.

In addition to our regulatory updates and newsletters, our consultants often publish white-papers to look at how key changes impact the sector. From practical assessment of the changes to industry best practices or a practical guide of new updates, we are here to provide guidance.

Risk management and FCA rules

The UK left the EU on 31 January 2020 with a Withdrawal Agreement, starting the transition period until 31 December 2020.

 

During the transition period, EU law will continue to apply in the UK, however come January 2021, the UK will formally leave the EU, impacting all firms and bringing an end to the "passporting regime".

So what are these key risks that impact national firms?

Risk management and FCA rules

Whilst the FCA is not prescriptive in how a regulated firm is to achieve compliance, implementation and active use of a suitable risk management system is a compliance must!

 

The FCA’s expectation of firms is that that risk management regimes must pass the “use test”, as opposed to being a compliance “tick-box”. In this article, we explore the key FCA rules and ways to achieve compliance.

Is your risk management a compliance exercise?

Often organisations evaluate risks during a desk-based exercise and record them using a Risk Register with an allocated rating for probability of occurrence and another for its impact on the organisation; creating an overall indication of relative priority.

 

It’s a process fraught with deficiencies and ambiguities that perpetuates the gap between the appearance of risk management and the effective management of risks.

LGPD – Brazil’s General Data Protection Law

LGPD applies to any individual whose data has been collected or is being processed while inside the territory of Brazil. 

LGPD (Lei Geral de Proteção de Dados)

  • empowers data subjects with nine rights,

  • defines what constitutes personal data,

  • creates ten legal bases for lawful processing.

FCA: firms to conduct regular Financial Resilience Assessments

June 2020 the FCA has issued a finalised guidance outlining their expectations from all solo-regulated firms to conduct appropriate financial resilience assessment. 

 

In this short read, we review what the key elements are.

FCA guidance on supporting customers in financial difficulties

The FCA has issued a temporary guidance to firms, outlining their expectations of firms when it comes to supporting customers in financial difficulties, created by the current COVID-19 pandemic.

Senior Manager and Certification Regime (SM&CR): an overview

SM&CR comes into force for all FCA regulated firms (solo-regulated) on 9 December 2019. In this article, we introduce the key components.

FAQs: DBS requirements under SM&CR

In this article, we will review some of the question we frequently received from our clients in relation to criminal checks under the SM&CR regime (DBS checks).

FCA Rule Change: Mandatory Annual Update

In this short article, we introduce the Mandatory Annual Update, a new obligation on firms to attest to the accuracy of their firm details via the Connect system.

SM&CR: Conversion of Controlled Function & key impact

The FCA will replace the existing Approved Person regime with the enhanced Senior Managers and Certification Regime. We review how SM&CR will be implemented for Senior Managers and the key implications for NEDs.

 

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