Tag Archives: fca authorised person

Can You Really Afford Generic The Same Old Compliance Support?

Compliance is an ambivalent function. On the one hand you are viewed as the regulators’ ally inside the investment company; overseeing the implementation of their regulation. Conversely, you are paid by the investment firm and a part of their culture and hierarchy. You might say ‘front office’ (traders making the cash) considers compliance the way […]

Functional Threat Management Awareness

The term Operational Risk Management (ORM) is not brand-new. It has been tossed about in organisations across the world for  a number of years. ORM and the oft associated term Enterprise Risk Management (ERM) have actually normally been used as corporate buzzwords, business culture idioms referenced in board meetings and articulated throughout presentations. Current advancements, […]

NEW PSD APPRoach Document From FCA December 2018

Updated FCA suggestions on operational and security risk management by Payment Services Providers (PSPs) In March 2018, the FCA produced its consultation paper (CP18/6) on its proposed approach to the application of the European Banking Authority’s (EBAs) final guidelines on security strategies for operational and security risks of payments services under PSD2. The Latest Approach […]

Do I Honestly Need To Be Regulated As An FCA Authorised Person?

Financial services providers, investment company and retail credit firms need to be Financial Conduct Authority (FCA) authorised. Here’s a summary of what you ought to know. According to regulations made under the Financial Services and Markets Act (FSMA) 2000, financial activities will need to be regulated by the FCA. Any firm (whether an enterprise, a […]

Hocus Pocus? Smoke & Mirrors? Not in FCA Authorisations

It might possibly seem run-of-the-mill, to compare making an application for authorisation to a magic trick, but if you’re under any illusion that less-than-perfect preparation suffices, beware. Sarah Rapson, director of authorisations at the FCA said that, “We have begun to take a harder line on submissions that border on the vexatious.” Obviously, it’s hard […]

Functional Risk Management Awareness

ORM and the oft associated term Enterprise Risk Management (ERM) have generally been utilised as corporate buzzwords, organisation culture idioms referenced in board conferences and articulated throughout presentations. Current developments, such as the production of the Sarbanes-Oxley (SOX) Act in 2002 in response to growing financial scandals in the U.S., have brought Operational Risk Management, […]

New PSD Rules from the FCA

Brand new FCA suggestions on operational and security risk management by Payment Services Providers (PSPs) In March 2018, the FCA distributed its consultation paper (CP18/6) on its proposed approach to the execution of the European Banking Authority’s (EBAs) final guidelines on security precautions for operational and security risks of payments services under PSD2. The Latest […]

Abracadabra – FCA Authorisation Applications

It might sound trite, to compare making an application for authorisation to a magic trick; yet if you are under any impression that less-than-perfect preparation is good enough, take heed. Sarah Rapson, director of authorisations at the FCA said that, “We have begun to take a harder line on submissions that border on the vexatious.” […]

The Changes to Regulated Compliant Handling Rules 2016

The changes made to the FCA’s complaint handling rules in June 2016 are well documented and should be adopted by every financial services firm buy now. In summary: The ‘next business day rule’ has been extended to become a ‘three business day rule’ (where sending final response letters (FRLs) are required). Firms must now send […]

Can You Really Afford Generic Ongoing Compliance Support?

The regulator’s business plan for 2018 has created a raft of focused areas for the remainder of 2018 and start of 2019. From the FCA Handbook there are a number of hotspots and they are determined to use their powers under the FSMA 2000 to progress, investigate and enforce where appropriate. Whatever FCA Regulated Activities you have permissions for, I am sure you will see that there is something for everyone.