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

Leave a Comment / Authorisation, approval and supervision, Uncategorized / By

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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Consumer Duty News

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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

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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

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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

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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?

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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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