The Financial Conduct Authority (FCA) regulates over 58,000 financial services firms and financial markets in the UK. To do this effectively, the authority needs timely and accurate data from firms to identify malpractice and take appropriate action.
This is why the FCA’s reporting requirements exist—to ensure it has the information it needs to perform its role. It’s also why the FCA levies tough penalties on firms that fail to meet their reporting obligations.
The Central Bank of Ireland and other international regulators such as the FCA in the UK and MAS in Singapore have prioritised 'individual accountability for several years. The proposals and now the draft legislation to introduce the Senior Executive Accountability Regime (SEAR) in Ireland are significant steps in that development.
2020 and 2021 have been eventful years, dominated by the COVID-19 pandemic and political and regulatory changes across the globe. In their Cost of Compliance 2021 survey Thomson Reuters researchers asked over 720 global financial services professionals their thoughts on the state of compliance in today’s world. The results highlight the challenges and changes that compliance practitioners in the financial services industry expect to face in the year ahead.
New York – MCO (MyComplianceOffice) announced that it has been named one of the Top 100 Financial Technology Companies of 2021 by the Financial Technology Report. This year's recipients comprise a broad range of companies that create accessible, uncomplicated and robust solutions that support our thriving and complex global economy.
Press Release originally published at Lexology.com
What happens when a software upgrade involves not just a few changes to your existing compliance solution but a move to an entirely new platform? If your compliance vendor is forcing a transition to a brand new system you can expect time and money lost in revamping internal processes and getting up to speed on the technology, along with the increased risk that implementing an untested platform will bring.
Don’t feel pressured to commit to the conversion without significant thought and assessment. With large scale disruption already on the horizon, it’s an opportune time to take a look at other options in the market to see if there’s another solution that better meets your needs.
