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NEWSLETTER: We’re only into the second month of the year and the FCA is already roaring into action with Dear CEO letters, AML surveys, data requests, and transaction reporting fines.
CDF firms have already gotten a glimpse of where the regulator’s priorities will lie over the next two years. Now that the January deadline has passed, firms should be well underway into actioning their plans with board members and other directors to meet expectations. If you haven’t started, don’t fret – we lay out what you can do to get yourself aligned.
Earlier this month, we reported on the FCA’s £100,000 fine for breaches of transaction reporting requirements. The penalised firm failed to submit transaction reports for single-stock CFD transactions, breaching the requirements which became law under the UK MiFIR regime. This enforcement action represents a significant tonal change from the FCA, and should act as a stark warning to get your reporting in order.
Although corporate finance firms have generally flown under the regulator’s radar, they’ve been lit up by the regulatory spotlight after the FCA issued a survey to collect information on their AML controls. If you’ve not gotten to conducting a business-wide assessment of your financial crime processes, now is very much the time.
Another trend that seems set to continue is that of the regulator’s focus on “data-led” supervision. Financial advisers are due to receive their first data request this summer, so we’ve laid out four steps you can follow to best manage your response to limit the risk of costly, avoidable regulation before holiday season.
If you’re struggling getting to grips with all the recent regulatory activity, feel free to get in touch.
Rebecca Thorpe, Global Head of Regulatory Consulting
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