The Financial Conduct Authority (FCA) has issued its latest directives aimed at financial advisers and investment intermediaries, emphasising the importance of a proactive, data-driven approach to ensure regulatory compliance and deliver better outcomes for clients. This blog outlines the FCA’s Dear CEO letter priorities and how firms can adapt to meet these expectations effectively.
The Financial Conduct Authority (FCA) recently published new guidance on how principal firms should embed new rules to ensure effective oversight of Appointed Representatives (ARs). The updated regulations are designed to address risks in the AR regime, ensuring that consumers are adequately protected and that markets operate with integrity. Given the telephone interviews and questionnaires findings, that there are still significant gaps in oversight, the application for data led strategies and some principal firms are suffering from overconfidence in how well they are implementing these rules, it’s essential to understand these new requirements and how they impact the role of a principal firm.
We were fortunate to present to The Investment Network last week on the future of regulation, covering key themes retail financial advice firms need to factor into their governance, risk and compliance (GRC) activities, against a thematic backdrop of sci-fi films.
Apple has taken a major leap in integrating artificial intelligence into its ecosystem with the upcoming iOS 18, iPadOS, and macOS updates. Here's a rundown of what you can expect:
In the ever-evolving landscape of artificial intelligence (AI), a critical distinction exists between open source and closed source AI. Whilst there is plenty of white noise regarding the pros and cons on AI and digital tools, understanding the open and closed source concepts is pivotal for developers, businesses, and enthusiasts aiming to leverage AI and digital strategies effectively.
With the FCA stipulating that advice boundary review (along with the Consumer Duty) is its top priority for 2024, firm’s should now engage how tech can enable streamlined advice and support the mass unadvised. The FCA Discussion Paper 23/5 delves into the nuanced boundary between financial advice and guidance, raising pertinent questions about the application of artificial intelligence (AI) in navigating this complex terrain.
As we enter a new year, it provides us with an opportunity to review the past years activities and look ahead at what is to come. Indeed January is named after the Roman god Janus, who had two faces so he could see the past and future. What Janus may have told us from a regulatory perxpective.is the FCA are 'one one' with their future vision and learning from the past when it comes to firms regulation data and compliance analytics.
The ongoing focus on Environmental, Social and Governance (ESG) investment highlights the financial services industry's ongoing instrumental role in the transition to net-zero, through its ability to mobilise capital and engage with investors, companies and citizens.
This is a topic that often comes up across social media and conferences that focus on FinTech developments within retail financial services industry. There is no doubt with the fast growing digital ‘fourth revolution’, we are witnessing rapid build and deployment of tech throughout industry products and services.
Let’s start with the top three challenges firm’s face when it comes to GRC management.