Posts Tagged
‘“Regulation”’

Nikhil Rathi’s latest speech signals a shift towards pragmatic, collaborative regulation to drive growth. Key updates include changes to Consumer Duty expectations, reducing regulatory burdens, and supporting innovation—offering important insights for firms navigating upcoming changes.

The FCA has emphasised the critical role of culture in shaping decisions, market integrity, and consumer outcomes. We explore the key takeaways from the FCA’s speech and practical steps firms can take to strengthen their culture in line with regulatory expectations.

The FCA’s recent report highlights areas where wholesale brokers need to enhance their systems and controls to combat financial crime. While focused on capital markets, the findings offer important insights for the insurance sector.

The FCA and PRA have outlined plans to drive growth and simplify regulation in response to the Chancellor’s recommendations. From unlocking capital investment to reducing regulatory burdens, these proposals aim to enhance competitiveness and support the UK’s financial and insurance sectors.

The FCA’s latest focus areas under Consumer Duty provide key insights into their regulatory priorities. This update challenges firms to assess how well they are embedding the Duty into their operations while addressing emerging risks and improving consumer outcomes.

The FCA’s latest updates to the Financial Crime Guide highlight crucial changes impacting firms, particularly in areas like sanctions, transaction monitoring, and cryptoassets. With a strengthened focus on aligning controls with evolving risks, businesses must evaluate their financial crime systems and adapt to these changes. Proactive action is essential to meet the FCA’s expectations and avoid penalties as regulatory scrutiny intensifies.

Rachel Reeves’ recent speech highlighted the government’s focus on recalibrating financial regulations to promote economic growth while maintaining high standards. With significant changes proposed, including consultations on the Senior Managers and Certification Regime (SMCR) and modernizing the Financial Ombudsman Service, firms should assess the potential impact of these updates. As regulatory developments unfold, businesses must remain proactive in adapting to new requirements.

The FCA’s latest Culture and Non-Financial Misconduct Survey sheds light on a critical area for firms across the insurance and financial sectors: non-financial misconduct and its detection. With findings revealing only 6% of misconduct is reported through whistleblowing in our sector, it’s clear that fostering a transparent and accountable workplace culture is more essential than ever. Dive into the survey’s key insights, implications and actionable steps firms can take to align with FCA expectations.

Explore the key highlights from the FCA’s 2023/24 Annual Report, including updates on Consumer Duty, enforcement actions, and regulatory priorities. Stay informed on how these developments impact your firm and ensure you’re aligned with the latest compliance requirements.