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 recent developments. Please see here for more information System & Product Update.
However, the hard work doesn’t stop there for our product development team as we continue delivering against our roadmap. Look out in the next few weeks for key announcements on our new enhanced SMCR module, a new look and feel Admin module and an easy to use and configurable “Register Builder”, amongst numerous other developments.
Our highlighted product focus for this newsletter is our Financial Promotions Module, which helps compliance teams set a workflow for approval of financial promotion material, providing full control over the process of recording, and approving financial promotions. For more information on our enhanced Financial Promotions module, read more here Financial Promotions.
Given the 8.5% increase in the FCA’s Annual Funding Requirement for this financial year, we thought it might be fun to compare it with a few competing regulators. The results are astonishing – click here to see them FCA Budget.
I also recently teamed up with Lucy McClements, as part of the Northrow Wired-In webinar series. Our subject was the FCA Business Plan 2023/24: What Does the Changing Regulatory Approach Mean For Compliance? We looked at some new angles on the FCA’s “strategic framework” and Business Plan. You can watch the webinar here.
Lucy and I used to work closely together when I chaired the Association of Professional Compliance Consultants (APCC) Authorisations Working Group and she was Head of Authorisations at the FCA. It is always a pleasure to team up with her and, as an “ex-regulator” her insights always add an extra dimension.
The discussion took in the FCA’s budget, operating context, and emerging themes. It specifically looked at how the FCA’s increasingly data-led approach will impact regulated firms and what compliance teams should do about it, including a couple of worked examples of how to use the FCA’s metrics within your own reporting.
The FCA’s metrics are a key part of their operating and supervisory model. However, working with the metrics is difficult. So, we’ve developed a spreadsheet which lists the metrics in tabular form and offers several filters to help you find those relevant to you. Please click here to download the FCA Metrics File here.
I’ve also written a concise critique on the FCA 2023/24 Business Plan and what is new or what you might need to be aware of. If you are a compliance professional and want to know what to do about it, read more here FCA Business Plan and what to do about it.
Our regular features include:
- Regulator Watch 2023H1– Highlights a few key themes that we have picked up on while tracking regulator activity over the last 6 months.
- We’re delighted to welcome our new clients that currently use My Compliance Centre. We’ve received positive feedback and continue using this feedback to further develop and enrich our roadmap and its delivery against our product strategy, see new clients here.
- Our quote of the quarter – ’’We want firms’ Boards and senior management to make good outcomes for consumers central to their firm’s culture, strategy and business objectives.’’ – The FCA supports firms through the transition to implementing the Consumer Duty.
- Our Charity – A heart-warming update on our favourite charity, Maronka, Educaid, in Sierra Leone.
Wishing you all a wonderful long summer and looking forward to catching up towards the end of the year. We continue to look forward to reshaping the future of compliance.
Best Regards,
Ben Mason, Founder, My Compliance Centre
E:ben.mason@mycompliancecentre.com
T: +44 (0) 20 8017 8273
