There are often misconceptions regarding what the Compliance function is and what the role of a Compliance Officer entails – not least from a firm's executive management and Board. I certainly remember Compliance Officers being historically referred to as Business Prevention Officers ('BPOs') or tick-box personnel.... By Rod Martenstyn - Guest Blogger
This week, the Association of Investment Companies called for PRIIPs Key Information Documents to be suspended, saying that they are ‘systematically flawed due to their reliance on past performance as a basis for future projections’.
The AIC supports its call with a substantial 38-page report, titled Burn before reading, understanding and addressing the dangers of Key Information Documents.... By Steve Coleman
The Network is being built in collaboration with 11 financial regulators and related organisations. It aims to provide a more efficient way for innovative firms to interact with regulators, intending to build on the Regulatory Sandbox set up by the FCA in 2014 by creating a ‘global sandbox’.... By Steve Coleman
The Insurance Distribution Directive comes into force on 1 October. Less than a month from its implementation date, we thought it was a good time to revisit what the Directive requires, and look at the steps firms need to take to be compliant.... By Steve Coleman
Here we look at the reputational risks posed by today’s social media-focused world, and the steps Compliance teams can take to mitigate them.... By Steve Coleman
This week, new rules came into force governing the information current account providers need to publish.
The changes, announced on the FCA website, follow action from the financial regulator and the Competition and Markets Authority (CMA). They have been implemented as a result of the CMA’s in-depth investigation into the banking sector, the results of which were published in August 2016 and can be read here.... By Steve Coleman
The Financial Conduct Authority is consulting on new rules and guidance for e-money and payment services conduct and communications.
We explore what the new rules propose and how they impact compliance for firms in the e-money and payment services sectors.... By Steve Coleman
Another week, and another headline about PRIIPs.
Since it came into effect on 1 January, there have been concerns over the regulation and its requirement for firms to report performance in standardised Key Information Documents.... By Steve Coleman
Earlier this month, the Financial Conduct Authority released its 2017-18 Annual Report and Accounts. In previous years, this document has given a good snapshot of how well the regulator has done in achieving its goals – and provided insight into future priorities.
Here we summarise the 2017-18 report and see what we can infer from it about compliance priorities for the coming year.... By Steve Coleman
How can you maximise compliance’s effectiveness – without compromising cost-efficiency? A new report from PWC on The Business of Compliance explores how organisations can balance cost and effectiveness. Here we summarise their findings and advice.... By Steve Coleman
Earlier this month, the Financial Conduct Authority revealed the latest 29 firms to be accepted into its Regulatory Sandbox – an initiative designed to increase innovation in financial services.
We examine the latest cohort of firms accepted and explore ways you can innovate and remain compliant.... By Steve Coleman
Now, halfway through the year – and with four of those five regulations now in force – it seems a good time to revisit them. How are firms tackling the new requirements? What has reaction been to their introduction? And are you doing everything you can to make sure you comply?... By Dimitriya Paunova
Financial services cannot ignore the growing importance of digital. But with digital transformation comes risk – not least the threat of regulatory breaches.
Here we explore how Compliance teams can help to reduce the liability inherent in digital transformation projects.... By Steve Coleman
Here we look at the findings and examine how you can help your firm to improve its performance.... By Dimitriya Paunova