April 25, 2024
Improving Oversight of Appointed Representatives in the Credit Broking Industry Introduction
The Financial Conduct Authority (FCA) has recently assessed the key harms and drivers of harm caused by Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) in the credit broking sector. The regulator has identified areas for improvement in the due diligence checks conducted by principal firms when appointing ARs and in their ongoing monitoring of these representatives. This article will discuss the issues identified by the FCA and how firms can address these concerns to ensure better oversight of their ARs and IARs.
Read MoreFebruary 12, 2024
Financial crime poses significant threats that undermine market integrity and public trust
Financial crime undermines market integrity and public trust, prompting the FCA's 3-year strategy. MEMA advises firms to use tech, collaborate, educate, strengthen compliance, foster responsibility, and support AML reform. For assistance, contact MEMA's experts.
Read MoreAugust 9, 2023
Revised U.K. Financial Regulators' Complaints Scheme - Coming into effect 1, November 2023
In a collaborative effort, the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Bank of England have unveiled their revised Complaints Scheme, which fundamentally shapes the protocol for addressing and managing grievances lodged against the U.K. regulatory bodies. This revamped framework encompasses several significant modifications:
Read MoreAll Posts
FCA
Authorisation
May 18, 2023
Use of Personal Communications Channels. A Compliance Concern for Regulated Entities
In today's digital age, the use of personal communications channels for work purposes has become a major point of contention for regulated entities. Financial services regulators globally,
Read MoreAll Posts
FCA
Authorisation
April 20, 2023
FCA's New Consumer Duty Takes Center Stage Amid Cost of Living Crisis
The Financial Conduct Authority (FCA) has highlighted its focus on ensuring good consumer outcomes in its latest Business Plan, selecting 'putting consumers' needs first' as one of its four priority areas for the upcoming year. This comes in response to the ongoing cost of living crisis, and the FCA is committing additional resources and headcount to Consumer Duty-related activities.
Read MoreAll Posts
FCA
Consumer Duty
April 5, 2023
Review of the Senior Managers & Certification Regime (SMCR)
On 30 March 2023, the UK government and regulators initiated a review of the Senior Managers & Certification Regime (SMCR) through a Call for Evidence from Her Majesty's Treasury (HMT) and a joint Discussion Paper (DP23/3) from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
Read MoreAll Posts
FCA
Authorisation
Senior Managers & Certification Reg
March 31, 2023
Horizon Scanning for Compliance Officers in UK Banking & Payment Services Sector: Key Strategies
Horizon scanning is a key component of this role, as it helps compliance officers stay informed of emerging trends, changes in regulations, and technological advancements that could impact their organization. In this article, we'll provide key strategies and best practices for successful horizon scanning in the UK banking and payment services sector.
Read MoreAll Posts
FCA
Consumer Credit
Authorisation
Crypto Regulations
March 15, 2023
The Motor Finance Industry: How to Apply the Consumer Duty Principle
On 1 March 2023, the FCA released a portfolio letter titled "Implementing the Consumer Duty in the Motor Finance Providers Portfolio." The letter highlights the need for a more consumer-focused approach and emphasizes that CEOs or directors should personally focus on implementing the Consumer Duty.
Read MoreAll Posts
FCA
Consumer Credit
Consumer Duty
March 8, 2023
Buy now pay later agreements to become regulated in the UK
Currently, BNPLs and STFC companies benefit from the exemption under Article 60F of the Financial Services and Markets Act (Regulated Activities) Order 2001 (RAO). Firms providing BNPL products benefiting from the 60F Exemption do not have to be FCA authorised and the agreements do not need to be in a prescribed form under the CCA.
Read More
