Welcome to our Autumn Newsletter
Dear Clients and Partners,
Since our last newsletter, the world is moving on a pace, and no industry or society is untouched by global events. We wish the very best to all of our clients and partners in navigating these turbulent times to the calmer waters we all hope for.
Political change often has an immediate impact on regulation. In this newsletter we consider the future of regulation in the context of the natural tension between regulators’ and politicians’ contrasting view of the world. The new government’s approach to regulation during a time of economic turbulence is as predictable a Donald Trump fib. But will regulators follow suit?
The FCA is also underway with major reform initiatives which will affect a wide number of firms in different ways. The Consumer Duty regulation is far reaching, and I fear the FCA expects to use it to ‘free the market’ of a number of firms it does not like who simply will not be able to comply with its onerous requirements.
Similarly, the reform of the Appointed Representative regime, carried out under the shadow of the failure of Greensill Capital and the resulting investigation, will be equally far reaching for firms, should the FCA choose to follow through and enforce those not complying. Our newsletter considers the way in which a Compliance Management System can help all firms affected by these changes and looks more broadly at the contrasting future of regulation, depending on which regulator you look at.
The RegTech market also continues to develop at an encouraging rate. I have read various industry forecasts all predicting massive ongoing adoption of RegTech, and this reflects the interest we are experiencing ourselves in My Compliance Centre and the benefits it delivers. There is a growing realisation that technology support is a requirement given the complexity and cost of modern-day compliance. Fans of management models can spend their weekends trying to apply the classic ‘technology adoption lifecycle’ to RegTech!
Our regular features include:
- Regulator Watch - highlights key themes we have picked up on while consistently tracking regulator activity over this last quarter.
- Quote of the quarter - John Edwards, Information Commissioner, and a look through the lens of an empowering regulator.
- Our System Update is here with new functionality and module version updates.
- Our featured article, The Future of Regulation and its effect on the development of the financial services industry.
- Building The Return on Investment (ROI) outlines how a Compliance Management System business case can be constructed.
Wishing everyone the very best during difficult times.
Ben Mason, CEO, My Compliance Centre
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We like to keep an eye on our primary regulators and what they are up to. Using our automated regulatory data feed, we've analysed which regulators are most active and the standout notification of this quarter.
In our featured article this quarter, Ben Mason, CEO of My Compliance Centre, shares his views on the Future of Regulation and its effect on the development of the financial services industry moving forward.
Building the Return on Investment (ROI)
Constructing a compelling business case for the implementation of a Compliance Management System.
News from Maronka
Maronka is the primary school that My Compliance Centre sponsors in Sierra Leona. What the children go through to get an education is inspiring.
Compliance Quote of the Quarter
“I want – we all want – a regulator who empowers."
John Edwards, Information Commissioner, July 2022
We think this is a wonderful quote, that aspires for so much, and is so difficult for financial services regulators to deliver. It has got us thinking: is it possible that such an approach could possibly be adopted by the FCA and PRA? The implications would be far reaching.