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.
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February 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.
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September 27, 2022
How to get FCA authorised (part 1)
We are launching a new How To series on 'How to get FCA authorised'. This will look to cover a range of key items your business should consider from the location of offices, expected fees to resourcing. We will start on the first few key areas covering
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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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April 11, 2021
Deconstructing the Dear CEO Letter
On 26 October 2020, the FCA issued its warning to CMC firms regarding their steps taken to fully investigate the merits of each potential claim before pursuing it.
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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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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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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 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.
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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.
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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).
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April 11, 2021
FCA Crypto Requirements
The Financial Conduct Authority (FCA), the UK Regulator, has established a Temporary Registration Regime that will allow existing crypto-asset firms, who have applied to be registered with the FCA, to continue trading in the UK financial market.
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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,
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April 11, 2021
Notfication for FCA Directory Persons
Have you completed your FCA Directory Persons? If you have not heard or are wondering, by 31 March 2021, the FCA is proposing that solo regulated firms (you) must submit their Directory Persons data via Connect.
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December 29, 2022
What is the Appointed Representative Regime?
In this series of articles, MEMA will break down what is the Appointed Representative Regime and what steps your organsiation will need to take.
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