Complyport

💡The Corporate Finance regime in the UK consists of firms that offer various financial services and provide financial advisory services to corporate clients, such as companies, businesses and institutional investors. The requirement for regulatory approval for such firms arises because their activities typically involve handling sensitive financial matters and making recommendations that impact capital markets and investment decisions. These activities could range from advisory services on Mergers and Acquisitions (M&A), capital raising, debt restructuring and other financial matters. Click here to read more 👉 https://lnkd.in/erH5CVAx #FinancialRegulations #Compliance #Regulations #RegulatoryCompliance #FinancialIndustry #FCA #Complyport #CorporateFinanceAuthorisation #CorporateFinance

This week Nicola Christofides, Assistant Director at Complyport, had the great privilege of attending and contributing to the FCA Consultant Forum briefing with likeminded individuals from financial services consulting firms. Key Takeaways: PEPs The July 2024 PEP review provided valuable insights into the challenges faced by PEPs and their families in accessing financial products. The review recommends that firms reassess their systems and controls for handling PEP-related cases, incorporating recent FCA guidance. The FCA also highlighted a gap in training, noting that real-life case studies would benefit in the training of individuals working with PEPs. You can find the recent publication of the FCA review here 👉https://lnkd.in/ekSEZ6S4 UK Payment Account Access and Closures The FCA's qualitative research examined the challenges faced by financially excluded consumers in accessing financial products and services. The thematic findings and expectations on firms included: ∙ Basic Bank Account (BBA) customer journeys varied, leading to differences in apparent rejection rates and firms were ineffective at making customers aware of BBAs. ∙ Decision making on accounts were unclear, clarity was needed on firm policies and procedures, taking into account consumer duty standards. ∙ No evidence of political beliefs or other views lawfully expressed as being used as a rationale for account denial, suspension or termination. ∙ ‘Reputational risk’ is used in varying ways by different firms to deny or close accounts. ∙ Communication decisions must meet information needs of customers. ∙ Vulnerable customers reiterating existing expectations, including taking care when assuming the consumers mental capacity. ∙ Financial Crime, reiterating expectations about firms taking on proportionate risk based approach. For more information click here 👉 https://lnkd.in/e9HjkxRC OPBAS (Office for Professional Body of AML Supervision) FCA OPBAS supervises the 25 professional body supervisors (PBSs) in the legal and accountancy sectors. OPBAS is housed within the FCA and their key objective is to reduce the harm of money laundering and terrorist financing by: 1. Ensuring a robust and consistently high standard of supervision by the PBSs overseeing the legal and accountancy sectors. 2. Facilitating collaboration and information and intelligence sharing between PBSs, statutory supervisors and law enforcement agencies. To find out more about OPBAS click here 👉 https://lnkd.in/edwJFhuu

📢 Are You Ready for Consumer Duty Compliance? Ask ViCA Today! The Financial Conduct Authority (FCA) introduced new Consumer Duty rules over the past year, raising the bar for consumer care in financial services. Now, businesses across the sector are asking: What actions must we take to stay compliant? From enhancing transparency in products and services to prioritising positive consumer outcomes and providing support for vulnerable customers, the stakes have never been higher. These responsibilities are even more critical amid the ongoing cost-of-living crisis, which impacts customers’ financial well-being. 💻 ASK ViCA for the guidance you need! 💡Our Virtual Compliance Assistant is here to help you navigate these complex requirements, offering insights on best practices to meet and exceed Consumer Duty standards. Stay on top of your obligations and safeguard your customers’ interests with ViCA’s expert compliance support. 🚀Start your journey to Consumer Duty compliance with 20 FREE queries—no payment details required! Just Ask ViCA👉 https://lnkd.in/eikeV3pW #Compliance #ConsumerDuty #FinancialServices #FCA #ViCA #CustomerCare #Transparency #Complyport #FinancialRegulations

📢 Missed our webinar 'Consumer Duty - The Aftermath' ? Not to worry, it is now available to view on demand! The session focused on: - Exploring Early Compliance Results and Industry Trends – How well have businesses adapted to the new requirements and what challenges are they facing? - Consumer Outcomes and Experience – What ongoing issues are firms encountering when delivering improved transparency and fit-for-purpose products? - Regulatory Feedback – What feedback have regulators provided so far and which areas still require significant improvement? - Future Regulatory Expectations – What will regulators focus on in the months and years ahead and how should businesses prepare? Watch the webinar here 👉 https://lnkd.in/d48Hce6Y #ConsumerDuty #Compliance #FinancialServices #Regulations #FCA #Complyport #RegulatoryComlpiance #Consumer #Transparency #FairValue

Save the 12th of November on your calendars and join this upcoming webinar to hear valuable insights from a fascinating panel including our very own Nicola Christofides on 'Women in Compliance: Navigating Challenges & Embracing Opportunities'.

💡The FCA is proposing significant changes to consumer credit regulatory returns to enhance data collection and improve supervision across the sector. These changes, outlined in Consultation Paper CP24/19, are designed to streamline processes and ensure better consumer protection. Firms involved in credit broking, debt counselling, and related services should stay informed and prepare for the new framework set for 2025. Click here to read more 👉 https://lnkd.in/eP94nFMZ #FCA #ConsumerCredit #RegulatoryCompliance #FinancialServices #RiskManagement #Complyport

📢 WEBINAR: Consumer Duty – The Aftermath Don't miss out! 1 more day to go! Since the introduction of the Consumer Duty regulations, businesses across financial services have had to reassess their practices to ensure they meet higher standards of customer protection and transparency. The new framework focuses on delivering fair value, supporting informed decision-making and improving outcomes for consumers. Organisations now face heightened scrutiny to ensure they are prioritising the needs of their clients, from product development to post-sale interactions. In the aftermath of these changes, firms have been adapting to not only meet the legal requirements but also to cultivate stronger relationships with consumers based on trust, fairness, and accountability. Now that the Consumer Duty regulations are in effect, it’s important to explore the practical impact on businesses, consumers and the wider industry. Register now 👉 https://lnkd.in/erQCm7aW #ConsumerDuty #Compliance #FinancialServices #Regulations #FCA #Complyport #RegulatoryComlpiance #Consumer #Transparency #FairValue

💡On 19th September 2024 the Financial Conduct Authority (FCA) announced its commitment to reform the retail disclosure requirements, moving away from the EU-inherited consumer cost disclosure regulations. The reform is being worked on alongside the Treasury and is currently at the early stages of development, with consultation expected in autumn 2024. Early expectations is for the new reforms to be in place in the first half of 2025, but this will be subject to relevant milestones being met on time. Click here to read more 👉 https://lnkd.in/e72yRnaC #RetailDisclosure #Compliance #Regulations #RegulatoryCompliance #FinancialIndustry #FCA #Complyport

🎃👻 Are Your Compliance Initiatives Scary Good? Or Just…Scary? 👻🎃 This Halloween, let’s keep the frights out of compliance! 🧙♀️ At Complyport, we help ensure your compliance process is more TREAT than TRICK. 🎩 Here are 3 compliance “monsters” you’ll never have to face alone: 1. The Phantom of Changing Regulations 👻 – Regulations don’t need to sneak up on you. Stay ahead with proactive monitoring. 2. The Werewolf of Worry 🐺 – Complex frameworks can be tamed with tailored, expert strategies that reduce your compliance stress. 3. The Vampire of Lost Time 🧛 – Don’t let inefficiencies drain your resources. We Our team optimises compliance processes, letting you focus on your core business. Compliance doesn’t need to be scary! 🎃💼 Happy Halloween from all of us at Complyport! #Compliance #RiskManagement #HappyHalloween #ComplianceConsulting #Regulations #FCA

🚀 Why ViCA is the Future of Compliance AI and why ChatGPT needs to catch up! 👀 Most of us know ChatGPT for its ability to cover a wide array of topics but why go general when you can go specific and get the information you really need! https://vica.chat is your go-to AI assistant for all things compliance, specifically built to support the Governance, Risk and Compliance industry. ⚡Ready to power up your compliance game with ViCA? 👉 Try https://vica.chat now! #ComplianceAI #LegalTech #ViCAchat #BetterThanChatGPT #RegulatoryExcellence #ViCAChat #ChatBetter #AIRevolution #ConversationalAI