The COVID-19 pandemic has gifted us the opportunity and urgency to embrace ‘work from anywhere’ culture and technology. How do firms ensure they stay compliant in 2020?
The FCA have released a thematic report on Understanding the Money Laundering Risks in the Capital Markets. The results of which are summarised in a pdf here. The FCA have also launched a formal Handbook. Called the Financial Crime Guide: A firm’s guide to countering financial crime risks (FCG). It’s not a manual on how […]
From The start of this year there are new call recording requirements set out in SYSC10A. That’s pretty old news. What has sneaked in there however is this little beauty…. SYSC 10A.1.7 R 03/01/2018 A firm must take all reasonable steps to prevent an employee or contractor from making, sending, or receiving relevant telephone conversations […]
Far Eastern International Bank said hackers compromised its network and transferred nearly US$60 million overseas Hackers managed to steal $60m from the Far Eastern International Bank in Taiwan by infiltrating its computers last week. However, most of the money has been recovered, and two arrests have been made. Far Eastern on Friday said it reported […]
In a response to an FOI Request asking “The total number of cyber incidents (both attacks and those attributable to human error) suffered (to your knowledge) by the private equity firms that you regulate” The FCA doesn’t hold data for Private Equity particularly but does for firms with Managing Investment permissions and the results are […]
In a response to an FOI Request that asks the FCA for: “The number of reported data breaches for financial advisors, insurance, lenders, pensions, total (of these sectors), for each month from March 2013 up to March 2017” How many breaches did the IFA sector make in the 4 years that covers? Two There were, […]
In the Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms consultation the FCA has suggested that IT should be classified as a Certified Function. This has implications to the recruitment process for individuals who are working in a Certified Function. the proposed rules are as follows Which is a little bit more […]
In the Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms consultation the FCA has a concept of Significant Management Certifiable Functions for important functions that do not have a dedicated Senior Manager. This proposed rule is that there is a chain of responsibility from the function to the Senior Manager that must […]
On 23 March 2017, the European Commission launched a public consultation entitled “FinTech: a more competitive and innovative European financial sector”. The consultation closed on 22 June 2017. The purpose of the consultation was to seek input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. 226 firms responded […]
In the Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms consultation the FCA makes an interesting point about IT outsourcing which implies that IT is part of the Senior Management job function. If that is the case then the obligations on Senior Managers is to actually understand IT and the implications […]