FCA focus for 2019/20

FCA FOCUS

We recently published an article summarising the FCA’s Business Plan for 2019/20. The Business Plan gives a clear idea of the issues at the top of the FCA’s to do list, and these are certainly also issues that all firms should address in their own business risk plans for the coming year.

Over the next few weeks, we will be issuing a few related articles, exploring some of those issues in a bit more detail under the banner of ‘FCA FOCUS’. Topics we hope to cover include:

  • PROD
    Evidence suggests that firms are not sufficiently aware of the requirements of this major element of MiFIDII and implementation is poor;
  • Aggregated costs disclosure
    This whole area remains a bit of a mess with very few firms whether advisers, DFMs, platforms or other providers appearing to be doing it right;
  • DFM issues
    There are risks with the relationship model that most DFMs offer to adviser firms;
  • SM&CR – culture and governance
    Culture and governance is a continuing theme for the regulator. How does SM&CR help?

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.

Our View

Firms should have a regularly reviewed business risk plan. The FCA Business Plan is a gift in that it points firms clearly toward specific risks that they should be considering.

Action Required By You

Further articles to come – watch this space.

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About the Author

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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