“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 …
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 …
Conduct Risk – FCA Insight article considers how to foster a culture of challenge Read More »
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 …
On 18 October 2019, the Financial Conduct Authority (FCA) has published Market Watch issue 62. This issue covers personal account dealing. Personal account dealing Personal account dealing (PAD) is where employees of an authorised firm trade for themselves rather than for clients. The FCA requires firms to establish appropriate rules governing PAD undertaken by relevant …
The Financial Conduct Authority (FCA) has fined the Prudential Assurance Company Limited (Prudential) £23,875,000 for failures related to non-advised sales of annuities. Between July 2008 and September 2017, Prudential’s non-advised annuity business focused on selling annuities directly to existing Prudential pension holders. Firms are required to explain to customers that they may get a better …
FCA fines Prudential £24m for failures related to non-advised sales of annuities Read More »
The Investing and Saving Alliance (TISA) working group on the Senior Manager & Certification Regime (SM&CR) has published a guide for solo-regulated firms in advance of the SM&CR extension. TISA does not consider that industry is ready to take the SM&CR into business as usual (BAU) and has therefore published the guide entitled ‘Don’t let …
TISA publishes new SM&CR guide for FCA solo-regulated firms Read More »
