Before you read on, what do you think the title refers to?
The answer is Business Risks.
The FCA has been highlighting this issue in workshops. They expect firms to ‘Identify, Assess & Manage’ risks and to be able to provide documentary proof that they are so doing.
They expect firms to have at least a Business Risk Management plan and ideally a Risk Register where known risks are recorded, along with proof that senior management have assessed the risks and planned mitigation strategies.
Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.
ATEB Compliance offers compliance and regulatory advice.
ATEB Suitability provides report writing software for the financial services market.
If you don’t do the above, then you are, funnily enough, at risk !!!
Note these comments and act accordingly. All ATEB clients will have risk management plans and strategies in place which should be discussed with your consultant.
The FCA has issued the following information. We have published a Consultation Paper with proposals to replace the FCA Financial Resilience Survey with a new regulatory return during 2023. In doing so, we aim to: reduce the administrative and financial burden that an ad hoc survey places on firms increase the quality and […]
Following the new Chancellor’s fiscal statement on 23rd September 2022 we have updated ATEB Suitability to incorporate the changes to the rates of Stamp Duty & Land Tax. The revised rates can be found in the optional Glossary of Terms when making Mortgage Recommendations. As always, our friendly support team are also available 9am – […]
A common feature of many file checks is missing or unclear client information. Missing information is generally due to the adviser not having raised the topic or asked the question but unclear information is often a result of a poorly designed fact find document. If the question you ask is unclear then the […]
We have completed the latest upgrade to ATEB Suitability on 7th September 2022. This comes at no additional cost and provides a security enhancement to protect your ATEB Suitability account. Two-Factor Authentication As part of our ongoing commitment to provide a secure service, we have now implemented Two-Factor Authentication (2FA) as part of the ATEB […]
Consumer Duty – FCA information and help
Shirley McKenzie Compliance FCA, PI, Update
The FCA has added to its published information relating to Consumer Duty to help firms with implementation. The most recent addition to the Consumer Duty webpages is an information for firms page to help firms implement the Duty. This explains more on the areas of the Duty that firms have been raising queries […]