It's been about six months since the Consumer Duty came into force, setting higher and clearer standards for consumer protection across the financial services industry.
How are firms doing with their implementations and delivery of the good customer outcomes that the FCA expects as the duty comes into force? The agency recently published guidance on lessons learned, including good practices and areas for improvement.
The long-awaited Financial Accountability Regime (FAR Bill) will come into effect for the Australian banking industry on 15 March 2024 and for the Australian superannuation and insurance industries on 15 March 2025.
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In recent months the SEC and CFTC have charged multiple Wall Street firms with widespread recordkeeping failures, handing down staggering penalties in excess of 1.5 billion dollars. Firms—including smaller ones—should only expect that the aggressive enforcement will continue. And the SEC's Division of Examinations 2024 Priorities only reinforce the agency's continued focus on the importance of record keeping and demonstrable compliance.
Are your books and records ready to stand up to regulatory scrutiny?
The 2024 FINRA Annual Regulatory Oversight Report provides firms with insight into findings from FINRA’s regulatory operations programs including Member Supervision, Market Regulation and Enforcement. Addressing a broad range of topics spanning conflicts of interest, disclosures, communication practices and crypto asset compliance, the report contains information that firms can use to strengthen their compliance programs in 2024 and beyond.
