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.
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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.
Most readers will be aware of the FCA’s successful legal action in what has been widely referred to as the Avacade case, which is how we will refer to it in this article. In fact, the case was brought against a number of defendants/appellants, namely: AVACADE LIMITED (in liquidation) (trading as AVACADE INVESTMENT OPTIONS) […]
We have received the following correspondence from the FCA: “On 12 August 2021, we sent the below e-mail* informing you of our plans to issue a Covid-19 Impact Survey to firms in Tranche 2 for a fifth time. We have since identified a discrepancy with the survey links (issued between 23-25 August 2021). […]
The FCA is consulting on moving some decision-making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. This will give greater responsibility for decisions to senior members of FCA staff close to the matters. The consultation (CP21/25) has been published and will close on 17 September. In particular, the FCA is proposing a […]
There is a longstanding regulatory principle (Principle 8) that a firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. Specific rules give effect to that principle. Some readers will recall the change of emphasis around conflicts of interest rules that arrived with MiFID II […]
Trust Registration Service – update
John Begg Compliance 2017, 2020, 2021, EU, ML, Pension, PI, Register, transfer, Update
New rules, transposing the Fifth Money Laundering Directive (5MLD) into UK law took effect on 10 January 2020. One impact of the rules was to broaden the scope of the Trust Registration Service (TRS) requirements. you can read more about 5MLD and TRS here. In brief, the previous rules required that all express trusts that […]