The FCA’s Investment Firms Prudential Regime (IFPR) Observations – Ensuring Best Practice Under IFPR
The UK Financial Conduct Authority (FCA) recently completed a review of investment firms’ implementation of the Internal Capital and Risk Assessment (ICARA) process under the Investment Firms Prudential Regime (IFPR). The review aimed to […]
AI-Powered Financial Firms: Navigating the Future
This November, the UK has been at the forefront of Artificial Intelligence (“AI”) discussions, with Prime Minister Rishi Sunak hosting the world’s first Global AI Safety Summit. However, for financial […]
Internal Audit – Your Third Line of Defence Against Regulatory Penalties
As regulations grow more complex, financial services firms face increasing scrutiny of their governance and controls. Robust internal audits are essential to test and evidence compliance across areas like conduct, […]
FCA Expectations for Wealth Management and Stockbroking Firms
What is the FCA Saying? The FCA has recently published a “Dear CEO” letter to Wealth Management and Stockbroking Firms to highlight the harms that these firms pose to the market and […]
Cryptoassets: The Importance of Internal Audit for FCA AML/CFT Compliance
The Financial Conduct Authority (“FCA”) recently published a memo related to companies dealing in cryptoassets. The update sets out requirements as part of the wider rules and guidance for cryptoasset […]
Compliance with the FCA’s Cryptoasset Promotions Regime
October 2023 has been a very busy month for the FCA in terms of crypto asset regulation. In case you missed them, these were some of the most important FCA […]
The FCA’s CASS Expectations and How to Meet The Requirements
Complyport has noted growing attention from the Financial Conduct Authority (“FCA”) and UK financial firms on compliance with the Client Assets Sourcebook (“CASS”) rules. The Regulator is focused on ensuring […]
Equifax Breach Draws £11.2 Million Penalty as FCA Affirms Tough Stance on Cybersecurity
The UK’s Financial Conduct Authority (FCA) has demonstrated its commitment to enforcing strong cybersecurity and data protection standards in the financial services industry. This was recently exemplified by the FCA’s […]
Preparing for New Sustainability Reporting Standards: ISSB, UK Government, and FCA Proposals
On 26th June 2023, the International Sustainability Standards Board (“ISSB”) issued the International Financial Reporting Standards (“IFRS”) S1 General Requirements for Disclosure of Sustainability-related Financial Information, which will come into […]
Open to Feedback: FCA Seeks Input on New Consumer Credit Data Reporting
Open to Feedback The FCA published Consultation Paper CP23/21: Consumer Credit- Product Sales Data Reporting on 27th of September 2023. Through this FCA is currently seeking feedback on its proposal […]