The regulatory landscape is continually changing and firms need to be aware of the latest regulatory thinking and interpretation of FCA rules and guidance. The FCA prioritises certain sectors and themes in its annual Business Plan based on a risk analysis of the market and what it believes to be key issues arising in the financial services industry. Key regulatory themes can also arise through consumer impacted events, such as the collapse of authorised firms or systemic weaknesses such as the sale of PPI.
Do I need to do anything?
If the FCA is investigating one or more business areas, firms would be well advised to determine if they have any potential liabilities in these areas. In some cases, the FCA will instruct potentially impacted firms (through a general rather than a firm specific instruction) to determine if they have any such liabilities.
Where the FCA conducts a thematic review, it expects all firms in the same sector that have not been included in the review to undertake their own assessment of potential issues and to remedy any weaknesses identified.
How can we help?
We can provide assurance that your own review has been conducted thoroughly, that it has reached the right conclusions and, if necessary, that any actions arising are appropriate.
If you would prefer, we can undertake the review on your behalf, focusing on the issues identified by the FCA, and report to you on any weaknesses and suggested process improvements.
Reviews can cover the whole range of activities from suitability assessment to complaints handling; from governance arrangements to training and competence systems. Whatever the issue, we can provide you with the assurance that any previous weaknesses can be identified and remedied and that future actions will be in line with regulatory expectations.