Comsura

The FCA's recent #NonFinancialMiscodnust survey highlights the importance of robust processes for managing non-financial misconduct. Key findings include a rise in reported incidents of bullying, harassment, and discrimination since the previous reporting period. Firms should evaluate their #InternalReportingSystems and consider benchmarking their practices against peer data. This transparency aims to foster healthier #WorkplaceCultures, ensure that misconduct is addressed promptly, and maintain #Compliance. Follow the link for more information: https://lnkd.in/eEyy3g5F 

#TheFCA has published the results of its FCA & Practitioner Panel 2023/24 survey.    Firms have communicated areas where they feel the FCA could improve. This includes: - Doing more to facilitate growth and competitiveness -Ensuring they act proportionately when introducing new initiatives and requests on firms -Improving the data collections process to reduce the regulatory burden on firms, demonstrating how they are using the data firms provide The team at Comsura can provide guidance on how to get the best from the #Regulator for your firm. You can read more here: https://lnkd.in/ewTtCkWT

The FCA’s recent action against the CEO of Wise PLC highlights the critical importance of #SMCR Conduct Rule 4 for #FinancialLeaders.   Under the SMCR, #ConductRule4 mandates full and prompt disclosure of any relevant information to #TheFCA to maintain fitness and propriety standards for regulated individuals. In this case, they expected to be notified about HMRC’s inclusion of the CEO on their defaulters #Tax list after a CGT oversight.     This case illustrates the FCA’s strict expectations around #Transparency, requiring firms to disclose any information that the FCA would reasonably expect to know. This includes personal actions that could impact professional standing.   It also serves as a clear message for those in regulated positions about the importance of meeting conduct expectations and for firms to review their internal protocols to avoid similar oversight.   Find the full report here: https://lnkd.in/ey53ACJM

The #FCA has published a webpage setting out the findings of its review of how principals are embedding the FCA's rules for overseeing #AppointedRepresentatives (ARs), which were introduced in December 2022. The review identifies good practice and improvement areas for principal oversight of #ARs. Firms should consider these examples when reviewing their own approach to effective #AROversight.   You can read more here: https://lnkd.in/ecXC6sZg

It’s been big news that Starling Bank has been fined nearly £29 million by the #FCA for significant failings in its #FinancialCrimeControls, including breaching a Voluntary Requirement (VREQ) not to onboard high-risk customers. The #VREQ from the FCA in September 2021 was accepted to prevent high or higher-risk customers opening accounts while Starling improved its #AntiMoneyLaundering control framework. It serves as a reminder for all regulated firms to strengthen their financial crime control and #AML frameworks. Key compliance takeaways for firms: - Regular reviews - VREQ compliance - Sanctions screening - Risk management - Expertise and training Read more about the case here: https://lnkd.in/exy6ruGR

Yesterday, the Financial Conduct Authority (FCA) released the latest edition of its Market Watch publication, which offers valuable insights into key market conduct issues and regulatory developments. Staying up to date with the FCA’s guidance is essential for ensuring your firm’s compliance with the latest regulatory expectations. If you aren’t already signed up to receive the FCA’s Market Watch emails, you can find out more from the Comsura team here:https://comsura.com, or click here: https://lnkd.in/eqHgDUb5

Last week, the FCA started a criminal prosecution against two individuals, charging them with conspiracy to engage in insider dealing involving four stocks. Additionally, one individual has further charges against them for disclosing insider information, with the offence resulting in £110,000 of profit. This case is a critical reminder for regulated firms to enforce strict compliance regarding #InsiderTrading and ensure that employees adhere to market conduct regulations to prevent similar violations. Comsura can help support your regulated firm with strong policies to ensure your operations and employees remain compliant- contact us to find out more Read more here: https://lnkd.in/e7nX-uHC

The FCA's recent win in the Court of Appeal against BlueCrest Capital Management (UK) LLP solidifies its power to require a firm to pay redress to clients, highlighting the importance of managing conflicts of interest effectively. The Court of Appeal’s decision has been made at an early stage of the Tribunal proceedings, and subject to any further appeal, the matter will now proceed to a full hearing. Comsura provides bespoke #OutsourcedComplianceSolutions for regulated firms. Our team partners with firms, supporting with businesses to ensure their compliance strategies are watertight from day one. Reach out to Gemma Magee to find out more. Read more here: https://lnkd.in/ee3sxh2G

#Governance isn't just about ticking boxes. #TheFCA expects governance to cover all aspects of your business.   Is your #ComplianceReport to the board enough? Think again – make sure your #GovernanceFramework is comprehensive and documented.

#TheFinancialConductAuthority (FCA) has clarified its evolving approach to #Transparency in enforcement investigations. In a recent speech at the AFME Annual European Compliance and Legal Conference, Therese Chambers highlighted that after reviewing the responses to CP24/2, the FCA acknowledges industry concerns about insufficient response time and the need for clearer criteria. #TheFCA plans to proceed with adjusted proposals, focusing on developing a more defined public interest test and considering the impact on firms and the market. This autumn, the FCA will intensify engagement with stakeholders. Firms should prepare for upcoming case studies and new tests to balance transparency with market competitiveness. Read more on how these changes could impact your compliance strategy: https://lnkd.in/eZaNaZbT https://lnkd.in/edF4t5uE