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FCA Market Focused Work Programme

June 25, 2015 - Regulatory Updates

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The FCA has released their market focused work programme where it defined certain key topics in each regulated sub-segment of the financial markets. The FCA has created these topics as a commitment to provide new market guidance and studies in the key ares of concern. Firms should take into account this points when devising and amending their regulatory risk frameworks. For particular interest to many of our clients are the following areas:

Financial market subsegment

FCA are of focus

Investment Management
  • Improvements in suitability standards across wealth management
  • Market study on asset management to include charges paid by investors
  • Post authorisation review of newly UK authorised investment funds and segregated mandates
Retail Investments
  • Due diligence of financial advisers
  • Inducements and conflicts of interest
  • Changes to Handbook to implement MiFID II (including changes to strengthen inducement rules)
  • Non-advised sales of investment and protection products
Wholesale Banking
  • Controls over flows of information in investment banks
  • Processes and controls around benchmarks
  • Conflicts of interest in dark pools 
  • Market Study to investigate competition in the investment and corporate banking sector
Cross-sector
  • Visibility of IT resilience and risks at Board Level
  • Cyber risks
  • Risk of mis-selling due to poor performance management
  • Culture: including remuneration, appraisal and promotion decisions of middle management, as well as how concerns are reported and acted on

 

As always, Lawson Conner will keep you updated on the findings and conclusions of relevant FCA themes, and subsequently, we provide practical client solutions for each of these topics. Please contact Lawson Conner to discuss in more depth any of the subjects above.



Andrew Frost
Director, Investment Management Services

E: afrost@lawsonconner.com


Joe Woodbury
Director, Investment Management Services

E: jwoodbury@lawsonconner.com