developer

On 5 April 2023, the FCA published its Business Plan for 2023/24, outlining its work over the next 12 months to help deliver its commitments in the second year of its 3-year strategy. The Business Plan highlights that, while there are some positive developments in the UK economy, the FCA expects the economic and geopolitical […]

March was a rollercoaster in financial markets. The failures of Silicon Valley Bank (SVB), Signature Bank, and, more recently, Credit Suisse sent shock waves through the markets, and there are various takeaways for GRC professionals on good governance, risk management, and compliance. This month’s insight highlights some valuable lessons from SVB failure. SVB was a

With six months to go before the Consumer Duty Regulation comes into force, the Financial Conduct Authority (FCA) published the results of its review of firms’ implementation plans on 25 January 2023. Consumer Duty will set higher and clearer consumer protection standards across financial services and require firms to act to deliver good customer outcomes.

At The GRC Network, our annual tradition this time of year is to set the tone with the key regulatory themes in the year ahead. We do this to highlight the areas GRC professionals should prioritise being familiar with. 2022 was the year for the regulators to react to the post-pandemic impact, such as financial

On 3 November 2021, the FCA published its strategy on ESG, which was timed to coincide with COP26 Finance Day. The strategy outlines how the regulator intends to deliver on the target ESG-related outcomes included in its Business Plan for 2021/22. The aim is to support the financial sector in driving positive change while also

On 15 September 2021, the FCA published the Consumer Investments: Strategy and feedback Statement, giving more detail on its plans to tackle investment harm. The purpose of the strategy is to provide consumers with the confidence to invest, supported by high quality, affordable advice market, which should lead to fewer people being scammed or persuaded to

On 15 July 2021, the FCA published its long-awaited annual Business Plan for 2021-22. The new Plan restates the FCA’s aim to become a forward-looking, proactive regulator under the leadership of Nikhil Rathi and sets out the organisation’s priorities over the next 1-5 years. There has been a clear shift away from the very defined

The FCA recently published its Dear CEO letter (dated 21 May 2021) issued to retail banks requesting for the firms to identify and address common control failings in their anti-money laundering (AML) frameworks by 17 September 2021. In the letter, the FCA detail the common weaknesses identified in its recent assessments of retail banks’ financial crime systems

On 24 May 2021, the PRA published its business plan for 2021/22. The plan covers sets out the PRA’s strategic goals for the coming year, its budget for 2021/22 and its highest-level actions to mitigate the impact of COVID-19 on the regulated firms and the economy.  In this month’s industry insight, we summarise the business plan’s

The FCA launched the second phase of its proposed rules for the UK Investment Firm Prudential Regime (“IFPR”) by publishing the Consultation Paper 21/7: A new UK prudential regime for MiFID investment firms (“CP21/7”). The CP21/7 should be read in conjunction with the FCA’s first consultation paper on the IFPR, published last December (CP20/24) which we summarised in our November newsletter last year. The IFPR follows similar requirements that seek to