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NEWSLETTER: The festive holidays seem like a very long distant past, but the FCA cogs kept turning right up to its reflections of 2023 which it issued in ‘betwixtmas’. While the introduction of Consumer Duty this year is no doubt helping in preventing harm, a new Lords committee to oversee the regulators is a welcome step, as Ben reflects in this month’s View from the Chair.
One publication caught our eye that you might have missed – the updated expectations on the treatment of client banks. We help numerous clients every year carry out due diligence on sellers, but in an interesting role reversal the FCA now expects the seller to conduct its own review on the purchaser in these cases.
In the meantime, the PEP issues triggered by the Coutts case rumble on, with a UK money laundering regulations update in response. Mark Spiers reflected on the ‘non-Nigel’ issues around de-banking in his article which looked at the commercial aspects a little more closely.
And don’t forget that the gateway for approving financial promotions for unauthorised persons closes next week. Unusually the regulator has asked trade bodies for help reminding people – perhaps indicative of an unexpectedly small number of applicants.
We got stuck into January with a hectic webinar schedule – if you missed them, you can catch up on our sessions on SDR, sanctions and communications surveillance.
We’re looking forward to some live events in London next month too. We have a new roundtable series for CCOs at asset managers and another event for NEDs in FS, where we’ll be looking at a fascinating new report on corruption: “Power without responsibility”. Get in touch if you’re interested in joining.
Rebecca Thorpe
Chief Executive Officer
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