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.
Policy Statement PS21/4 summarises the FCA’s proposals to increase the number of firms (by circa 4500) who need to submit the annual financial crime report, which they refer to as ‘REP-CRIM’, based on its assessment and understanding of their business activities and potential money laundering risks. The REP-CRIM return provides the FCA with a range […]
We completed the latest upgrade to ATEB Suitability on 27th May 2021. This update comes at no additional cost and provides various template & content management enhancements as well as performance improvements for data integration loading times. Full details of the enhancements can be found in the tables below, but some of the highlights are: […]
Everyone involved with defined benefit pension transfer advice should by now be very aware that contingent charging is banned for all recommendations in relation to pension transfers or conversions except where the client qualifies for one of the two exemptions. The exemptions to the ban on contingent charging, which the FCA chose to call ‘carve-outs’ […]
From 1 June 2021, the FCA will no longer be accepting Change of Legal Status applications. Instead, if you are thinking of changing your firm’s legal status, you will need to submit a New Authorisation application*. You will also need to cancel the previous entity’s permissions. When submitting an application for the new legal entity, […]
FCA expectations – temporary long term absence
Richard Foster Compliance 2020, 2021, Certification, Conduct, Directory, FCA, PI, Register, Senior Manager, transfer
Following consultation in CP20/23, which was published in December 2020, the FCA has made changes to the Handbook. The affected sections are: SYSC 25.4 FIT 1.3 SUP 10A.14, 10C.9, 10C.10, 10C.11, 10C.14, 10C Annex 2G and 10C Annex 6R Form D In summary, the changes to the Handbook are intended to reflect the FCA’s […]