UK Newsletter | August 2023

6 September 2023 | UK & Europe | Publications

NEWSLETTER: The 31st of July has come and gone, marking the end of the beginning’ for Consumer Duty. Now expected to become an intrinsic part of how firms do business, making that shift from project to practicality is the very topic of our upcoming webinar, and our latest article takes a closer look at some tangible steps you can take to embed the spirit of the duty across culture, processes, products and services.

Very closely aligned with all things ESG, is the recent publication from the FCA’s Vote Reporting Group – set up to enhance shareholder vote reporting by asset managers operating in the UK. Their recently published proposals for a voluntary, standardised vote reporting template for asset managers attempts to address transparency concerns. It also aims to provide asset owners with a window into the stewardship activities of the asset managers they engage, ultimately aiding better reporting between parties. With the consultation open for comment until the 21st September, I’d urge anyone impacted to review and share feedback.

We also examine the FCA’s multi-firm liquidity management review, an area of high priority focus since the collapse of Silicon Valley Bank, with plenty to take stock of. And finally, the ‘Dear CEO’ letter addressed to Principal Trading firms, requires boards to review their firms’ risk frameworks and controls by the end of September.

Even if you’re not directly on the receiving end of these letters, it’s always time well spent checking the read-across and insight into the regulators’ thinking on high priority issues.

Rebecca Thorpe
Chief Executive Officer