When they are not on strike, the FCA are producing promising work. Their new business plan and focus on metrics and outcomes is a case in point. This business plan takes a new form in that it is hosted digitally on a webpage which provides hyperlinks to other relevant resources such as their three-year strategy and excellent Regulatory Initiatives Grid.
With the latest FCA consultation paper for improving regulatory oversight of the Appointed Representative Regime, without a cohesive, coordinated approach, Principle firms governance, risk and compliance (GRC) systems and control audit resources may not be deployed effectively and significant risks maybe missed. This can lead to mis communications and dysfunctions within the Principal firm internal GRC practice, poor reporting, market risk and poor consumer outcomes across AR activities. With the FCA’s new proposals, based on a background of poor consumer outcomes at the hands of ARs, Principals and their ARs now need to employ RegTech to gain clear and accurate data analytics across all activities to ensure they comply in order they can continue to compete. This blog looks at the key themes and how RegTech can support Principal firms and their ARs.
In this suite of blogs we’re covering our digital compliance and business development platform Model Office (MO)’s 5 keys that form the foundations for MO’s #RegTech platform and ensures any retail investment adviser (RIA)/planner firm remain compliant, client-centric and sustainable in their professional development journey.
In this next suite of blogs we’re covering our digital compliance and business development platform Model Office (MO)’s 5 keys that form the foundations for MO’s #RegTech platform and ensures any retail investment adviser (RIA)/planner firm remain compliant, client-centric and sustainable in their professional development journey.
The new EU General Data Protection Regulation (GDPR) in Europe, adopted in 2016, will be directly applicable starting on May 25, 2018. GDPR comes with significant changes compared to the Data Protection Directive 95/46/EC involving operational changes in organisations.
With The FCA now focusing on the implementation of MiFIDII plus with the SMCR and GDPR also on the way, we are now seeing far more focus on transparency, accountability, roles and responsibilities.
‘Culture and governance in financial services and its impact on consumer outcomes is a priority for the FCA. The extension of the Senior Managers and Certification Regime is key to driving forward culture change in firms.’ Jonathan Davidson Exec Director for Supervision for retail authorisations FCA.
Treating Customer’s Fairly on Speed? Well with the FCA final implementation rules upon us, the MiFID II requirements are intended to increase disclosure to clients, provide transparency around execution arrangements and order routing decisions, and should facilitate greater investor challenge and scrutiny by clients on the performance of firms acting on their behalf.
The FCA have been busy: there is the HMT/FAMR latest on definition of advice, the Suitability Review report, the latest on Defined Benefit Pension transfers. Elsewhere we have MiFID II implementation guidance, AML and General data Protection Regime - GDPR initiatives.
The Financial Conduct Authority recently released Assessing Suitability Review looked into the suitability of the advice offered by the pensions and investment market, and the quality of disclosure in the sector.