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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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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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The Bank of England outlines key lessons of the 2018 financial sector cyber simulation exercise

The Bank of England (BoE) has published the high-level findings of the financial sector cyber simulation exercise that took place on 9 November 2018 (SIMEX18). The exercise, commissioned by the Cross Market Operational Resilience Group jointly chaired by the BoE and UK Finance, explored the sector’s resilience to a major cyber incident impacting the UK.  …

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What is a UCITS fund?

The UCITS regime provides a set of common standards applicable across all EU Member States for the operation and cross border promotion of a form of mutual fund called an undertaking for collective investment in transferable securities (UCITS). In the UK, a UCITS fund may be organised as a collective investment scheme (CIS), an open-ended …

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Some of the key areas of MiFID II/MiFIR for asset managers to consider

Inducements and payment for research Article 24 of MiFID II prohibits investment firms providing portfolio management services, or investment advice on an independent basis, from accepting fees, commission or any monetary or non-monetary benefits from third parties in relation to the provision of services to clients. This includes research.  Research may only be received if …

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