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NEWSLETTER: Spring has sprung and with it the FCA Business Plan for the year ahead. It’s a hefty read packed full of reminders and clarifications, with a theme of hands-on supervisory work throughout. We highlight some of the nuggets, particularly for those in the retail world in our article: FCA Business Plan gets back to BAU. We’ll pick up some other themes, for example around wholesale markets and financial crime in the coming weeks.
There’s plenty for asset managers to get their heads round this month. In its CEO letter – which, as a departure from prior letters, was sent to both asset managers and alternatives firms – the FCA outlined priorities for the sector including Assessments of Value, governance, market integrity and promoting competition. The letter also shared plans for a multi-firm review of valuation practices for private assets. We’ve put together a ‘to do list’ for private asset managers to prepare.
The advice sector is coming under even closer scrutiny following the findings of the FCA’s thematic review of retirement income advice. The expectation is that firms must review and, if necessary, update the processes they use to deliver retirement income advice. The publications were accompanied by the file review tool developed and used by the FCA for the review. The message seems loud and clear that action must be taken, and incidences of unsuitable advice detected and addressed.
And the car finance commission fallout rumbles on – with Nikhil Rathi playing down speculation this month that it would be ‘the next PPI’. We look at what the sector should be doing while we wait to see.
Finally the latest Market Watch made for an interesting read. With insider dealing making up 84% of all STORs, the focus is on the involvement of organised crime in recruiting insiders. Certainly something to make sure you can spot!
Enjoy the Easter break.
Rebecca Thorpe
Chief Executive Officer
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