UK Newsletter | January 2021

UK Newsletter

NEWSLETTER: The king is dead, long live the king. The process of ‘onshoring’ relevant EU financial services regulations and directives means that they have not disappeared. They now reside fully in UK law and over time they will change and evolve. How much they will diverge from the EU instruments from which they were born is the great unknown. The challenge will be keeping up with the change.

From time to time, the FCA recommends that firms review their regulatory permissions, and the new year has brought a reminder of its expectations. The Charles Schwab CASS fine (outlined below) is a cautionary tale of having the wrong permissions, and a regular review is sensible. Having permissions you don’t need can also be a problem. It can result in unwarranted regulatory attention as well as potentially higher capital requirements than are necessary. For most firms, the scope of permission is the FCA’s primary window on what you actually do, so it’s worth thinking about what they see.

In this month’s newsletter, we also unpick the regulator’s first consultation paper on IFPR, and take a look at some of the issues that are likely to crop up in Compliance Officers’ intrays in the months ahead.

Ben Blackett-Ord
Managing Partner

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