FCA Expectations for Wealth Management & Stockbroking Firms
The Financial Conduct Authority (FCA) recognises the significant role of wealth managers and stockbrokers in assisting consumers to manage and safeguard their assets. However, the sector has also seen significant issues, such as consumer exposure to scams, fraud, and inappropriate high-risk investments. The FCA’s letter addresses these issues and outlines expectations for firms. Key Harms […]
System Updates
Autumn 2023 SMCR Release of v2 of SMCR to bring further configurability – refer to the spotlight on SMCR for more details. Compliance Advice Enhanced Export from CAR Register FileChecker We have added hyperlinks to tasks to make it easier for users to complete follow up tasks when looking at the completed file. From the […]
Module of the Quarter
Spotlight on SMCR Primarily our SMCR Module allows users to track accountabilities in line with the FCA’s Senior Manager and Certification Regime, recording the individual accountable for specific roles held within the company. The system can also be updated to fit other regulatory processes or procedures which follow a similar structure to the SMCR model, […]
Regulator Watch
Written by Ben Mason, CEO, My Compliance Centre. Autumn 2023 Newsletter. So, what has been going on with our regulators over the last quarter? Output Levels In summary, we can say that regulators are about as busy as they usual. One simple metric that we often apply is simply to consider their output level of […]
Ten Years of FCA Fines
Ten years’ worth of fines are now published on the FCA’s website. We thought it might be ‘fun’ to analyse these and see where the risks lie for regulated firms. The analysis below is in two parts. Firstly, we present a short macro analysis. While that is interesting and tells a story it is difficult […]
Best RegTech Firm & Best Compliance Management System 2023
We are delighted to announce that we’ve won the following awards at The Compliance Register Platinum Awards 2023: – Best RegTech Firm – Best Compliance Management System 2023 Thank you to everyone who has nominated and supported us. More information on the awards can be found here.
“We realised that implementing the right compliance management system was a high priority if we were to be effective as a compliance function.”
Case Study – ADG Corporate 7 March 2023 “We wanted a system, with wide ranging functionality to support our diverse activities and My Compliance Centre has the widest range of functions in the market. It was also important that we could implement different compliance frameworks for each group company, according to their risk profile, while […]
FCA Metrics 2023
The FCA metrics spreadsheet is independently produced based on the FCA’s published “outcomes and metrics”, as at June 2023. You can view the original information here: https://www.fca.org.uk/data/fca-outcomes-metrics. The data in columns B to F is quoted verbatim from the FCA’s website. In addition, we have added some filters to make the data more usable. Those filters […]
FCA Business Plan – Practical Actions for Compliance Officers
The FCA’s Business Plan is a must read for all compliance professionals in the UK. In this article, Ben Mason considers emerging themes, what the Business Plan means for compliance teams and, most importantly, concludes with some concrete suggestions as to what you should do about it. What is in the Business Plan and are […]
Welcome to our Summer Newsletter 2023
July 2023 Dear Clients and Partners, Welcome to the Summer Edition of our Newsletter for 2023. One of our biggest highlights over the last six months is the many enhancements we have made to our system. These are always developed in line with our client’s priorities and we are excited to share more information on […]