Tyler Woollard

Tyler Woollard is the founder of The Conduct Mind (TCM), a compliance consulting firm founded in 2018. Prior to forming TCM, Tyler was the Global Head of Compliance for ETF Securities.

HM Treasury publishes response to consultation on Senior Managers & Certification Regime 

HM Treasury has issued its feedback on responses received to its consultation on a Senior Managers & Certification Regime (SM&CR) for financial market infrastructures. The consultation sought views on the proposal to create an SM&CR for certain FMIs regulated by the Bank of England, and on its proposed design. The consultation ran from 20 July …

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The Financial Ombudsman publishes new discussion paper on its future funding mode

14/06/2022: The Financial Ombudsman Service has published a discussion paper on possible changes to its future funding model. The FOS is inviting financial services organisations, trade bodies, consumer groups and other stakeholders to provide feedback on the principles that should guide its funding model. The paper is open for responses until 5 August 2022. A …

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Consumer Duty News

New Consumer Duty could improve financial inclusion The Financial Conduct Authority has published a speech by its executive director for consumers and competition, Sheldon Mills, on rising costs and improving financial inclusion for consumers. Mills said the FCA wanted to see consumer journeys for new and existing customers that are clear, transparent, and accessible, including …

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Conduct Risk Ownership

References Adamson, C., 2013, “The Importance of Culture in Driving Behaviours of Firms and How the FCA Will Assess This” Bank of England, 2012, “The PRA’s Approach to Banking Supervision” Competition Commission, 2009, “Market Investigation into Payment Protection Insurance” Financial Conduct Authority, 2015, “Lloyds Banking Group Fined £117m for Failing to Handle PPI Complaints Fairly”, …

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Definitions of Conduct Risk

“Misconduct risk refers to the risks attached to the way in which a firm and its staff conduct themselves. As such, it includes how customers and investors are treated, mis-selling of financial products, violation of rules and manipulation of markets.” European Systematic Risk Board (2015), “Report on misconduct risk in the banking sector” Tweet “Conduct …

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Conduct Risk – FCA Insight article considers how to foster a culture of challenge

On 23 October 2019, the Financial Conduct Authority (FCA) published an Insight article entitled ‘Removing our biases: some behavioural tools for the workplace’. The article considers how firms can avoid ‘groupthink’ and ensure effective organisational decision-making based on challenge and planning around existing biases. It follows on from previous FCA insight articles on diversity and developing …

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Transaction Reporting

Transaction reporting

On 18 October 2019, the Financial Conduct Authority (FCA) has published Market Watch issue 62. This issue covers personal account dealing and transaction reporting. Transaction reporting In Market Watch 59, the FCA highlighted common errors observed in transaction reports. The FCA’s ongoing monitoring of transaction reports and engagement with firms has identified further data quality …

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