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?
FCA provide guidance on SMF16/17 appointments
Richard Foster Compliance FCA, ML, PI, training
Firms should have heads of compliance and money laundering reporting officers (MLROs) who are suitably competent and capable of effectively performing the roles. It is appropriate to carefully consider how individuals can demonstrate this ahead of seeking regulatory approval. The FCA have recently issued guidance which should help firms decide if an individual candidate is […]