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Read about the most important changes their implications on the industry.
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.
FCA's Consumer Duty - overview of new rules
In this article, we have a look at the key regulatory instruments introduced by the new Consumer Duty.
The in particular, we explore how the new Principle 12, Cross-cutting rules and the four outcomes should be considered by firms.
The FCA Consumer Duty - key implementation date
In this article, we have a look at the key implementation deadline for firms subject to the new consumer duty.
The FCA made clear that firms will be subject to scrutiny and thus must be ready to evidence how they will fully (and promptly) comply with the new FCA expectations.
New Appointed Representative oversight rules
For some time, it has been known that the current regulatory regime does not leave a lot of room for the FCA to pro-actively engage with firms with respect to their obligations towards their ARs.
Therefore, the new rules (explained in PS22/11: Improvements to the Appointed Representatives regime) aim at addressing the FCA’s perceived significant shortcomings amongst Principal firms in the current regime, including insufficient oversight of their Appointed Representatives (AR).
Cryptoassets - FCA Registration Overview
Since 10 January 2020, the FCA have been the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses (under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017).
So what crypto-asset firms require to be registered (or even authorised) before commencing trading? Non-compliance is a potentially criminal offence...
Cryptoassets - type of cryptoassets for FCA registration
In this article, we will strive to introduce the key types of Cryptoassets and whether these assets are likely to be regulated or unregulated assets within the UK. As you will see later on, it is important that firms remain aware of multiple regulations. In particular, a cryptoasset may be an FCA regulated instrument, by being:
specified investments under the RAO
financial instruments under the Markets in Financial Instruments Directive (MiFID)
e-money under the E-Money Regulations (EMRs)
within the scope of the Payments Services Regulations (PSRs)
Brexit - what it means to an FCA regulated firm...
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.