April 11, 2021
Understanding the FCA Culture and Governance requirements
The financial crisis placed banks under the public spotlight, the investigation into some of the practices revealed behaviors that caused public indignation, Payment Protection Insurance (PPI) is but one example. The financial crisis placed banks under the public spotlight, the investigation into some of the practices revealed behaviors that caused public indignation, Payment Protection Insurance (PPI) is but one example.
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March 17, 2025
Achieving FCA Compliance in the UK Crypto Sector: Registration, Best Practices, and Case Studies
Having explored the regulatory foundations in our first article, we now turn to the nuts and bolts of achieving FCA compliance.
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August 29, 2022
What is Customer Due Diligence and what controls should you focus on?
Customer due diligence (CDD) is a key element in helping your firm:
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September 26, 2022
How much are the FCA fees?
The common question we receive when firms are deciding whether to get authorised or not as an FCA regulated firm is how much will it cost?
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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.
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January 28, 2022
What are regulatory controls and how do you conduct control monitoring
As a regulated firm or a firm wishing to become regulated, you will need to ensure you have a robust control plan and can conduct effective monitoring of controls. In this article, we will detail what a control plan is and the steps you can take to conduct effective control monitoring.
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Navigate the New Financial Crime Landscape with FCA's Updated Guide and MEMA Consulting's Expertise
In response to evolving regulatory landscapes and recent global events, the Financial Conduct Awareness (FCA) has unveiled proposed updates to its Financial Crime Guide, CP24/9. The revisions aim to enhance sanctions systems, address proliferation financing, and refine transaction monitoring with a focus on modern technologies like Artificial Intelligence and cryptoassets. With these updates, the FCA seeks to fortify financial crime prevention measures and ensure firms are well-equipped to meet new challenges. As firms adapt to these changes, MEMA Consulting stands ready to offer expert guidance and tailored support, helping businesses align with FCA's stringent standards and navigate this complex regulatory terrain effectively.
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December 7, 2022
Are you aware of the FCA rules to protect consumers from rogue financial promotions
Did you know that the FCA has published a consultation paper and press release setting out how it proposes to operate a new authorisations gateway for firms wanting to continue approving financial promotions for unauthorised persons.
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April 11, 2021
Claims Management Companies and High Cost Lenders
In a recent post, the FCA has released its views urging Claims Management Companies and High Cost Lenders to work better together
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January 28, 2022
Consumer Credit - New regulatory considerations
The FCA’s, Director of Consumer and Retail Policy has recently provided its view on where changes are required in the Consumer Credit market. This detail arising from a speech identified that Consumer credit remains a key priority for the FCA.
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September 13, 2022
What are AML Trigger events your team needs to be aware of?
Trigger Events highlight instances where there may be a change in customers’ circumstances.
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April 13, 2022
FCA Consumer Duty
The FCA has outlined a new Consumer Duty. This will most likely be set out as rules and guidance in the FCA handbook. Ultimately, there will be a higher level of protection for consumers and a higher level of expectation of care from firms providing services.
More about usFebruary 6, 2023
5 Steps for Conducting Effective Compliance Control Monitoring for Financial Firms
Compliance control monitoring is a crucial aspect of maintaining regulatory compliance for financial firms. The Financial Conduct Authority (FCA) requires firms to have robust controls and monitoring systems in place, and it is up to individual firms to implement these measures effectively. In this article, we will discuss the steps that firms can take to conduct compliance control monitoring.
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December 19, 2022
What is the Senior Managers & Certification Regime ?
The Senior Managers and Certification Regime (SM&CR) replaces the Approved Persons Regime (APR) which is how the FCA used to regulate people working in financial services.
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September 20, 2022
How to conduct a Business and Customer Risk Assessment
A business risk assessment provides visibility of the levels of AML risks within your firm to demonstrate the application of a risk-based approach. The outcome of the BRA is an AML risk rating for you and the organisational chart of business units is differentiated into high, medium or low risk. The BRA evaluates the AML risks faced by the business and demonstrates that it allocates resources according to the risk-based approach.
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