The PRA and FCA are changing their rules from 31 March 2022. They say that you have less than 12 months to identify “impact tolerances for the maximum tolerable disruption and carried out mapping and testing to a level of…
Reporting suspicions to regulators is nothing new but it can often be done in silos, especially in larger firms where financial crime and market conduct risks are managed by distinct teams. Financial crime risk teams using information from STORs and…
In the absence of FCA publishing its annual business plan at the start of its financial year, publication having been pushed back a quarter to June when it publishes its Annual Report, we have put together some of the main…
The FCA has published a speech delivered by Edwin Schooling Latter, their Director of Markets and Wholesale Policy. The speech covered the future regulation of the wholesale financial markets in the UK. We have read and digested it (so you…
Recently, at the request of a client we created a compliance risk assessment template for our online shop. As is often the case with product requests the person asking is not alone in their need and our risk assessment template…
As a reminder TFS – ICAP received fines of £3.4 by FCA and $7 million by the CFTC. Former senior managers Ian Dibb and Jeremy Woolfenden were fined $500,000 each and they agreed not to apply for registration for 5…
While there is a lot of process around SMCR more importantly there are key changes to both attitudes, approach, and job roles that SMCR drives. Make sure you can demonstrate and signal the step change that the FCA is expecting…
Do you really need a compliance manual? Let’s get this clear from the beginning: there are no rules in the UK that say you must have a compliance manual. You are, of course, required to have good systems and controls,…
Quick Recap Assuming you are broadly aware of this issue here is a brief recap: Investors getting together on internet message boards (mainly on Reddit) and buying up stocks where they perceive short sellers have interest. This has resulted in…
The Gloster and Parker reports show the FCA needs a fundamental overhaul and change in culture. Morale will likely be close to an all time low in an organisation that has struggled to attract and recruit experienced staff, something that…