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.
Following consultation in GC 20/05, the FCA has published finalised non-handbook guidance for insolvency practitioners (IPs) on how to approach insolvencies of regulated firms. This finalised guidance aims to help IPs comply with FCA rules and guidance and relevant legislation to achieve better outcomes for consumers and market participants when a regulated firm fails. The […]
COBS 19.1.2 states … “To prepare an appropriate transfer analysis a firm must: (1) assess the benefits likely to be paid and options available under the ceding arrangement; (2) compare (1) with those benefits and options available under the proposed arrangement; (3) where the proposed arrangement is a personal pension scheme, stakeholder pension scheme […]
The FCA continues to keep busy with yet another survey being announced. We have received the following notification from the FCA. “We wanted to advise you that we will shortly be sending a survey to all firms holding the credit broking permission. The survey will give us an updated view of whether and how firms […]
The FCA has published a discussion paper on strengthening financial promotion rules for high-risk investments and firms approving financial promotions. Following feedback to its Call for Input (CFI) on Consumer Investments which closed in December 2020, the FCA has published discussion paper DP21/1 which outlines proposals to strengthen financial promotion rules for high-risk investments. The […]
Papers galore!
Huw Reynolds Compliance 2021, Certification, Conduct, COVID-19, FCA, Gabriel, Pension, platform, protection, Senior Manager, SM&CR, Switch, transfer
It has been a busy month for papers and publications at the FCA. These include: New Consumer Duty CP The FCA is consulting on plans to introduce a new Consumer Duty, which aims to set a higher level of consumer protection in retail financial markets. The Duty will have 3 key elements: A new Principle – the […]