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FCA Fines Asset Management Firm and Employee for Conflicts of Interest

The UK Financial Conduct Authority (FCA) has clearly set expectations to ensure that asset managers conduct their business with due skill, care and diligence and that they manage conflicts of interest, between the firm or its employees and its customers or between its customers, fairly. A European asset management firm was recently fined £9.1mn by the FCA for failure to adhere to these principles and effectively manage conflicts of interest.

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Overview of FCA Principles for Business

The Financial Conduct Authority (FCA) is the conduct regulator for nearly 60,000 financial services firms and financial markets in the UK, and it's part of the FCA's work to implement, supervise and enforce international standards and regulations in the UK. The UK regulator has criminal, civil and regulatory enforcement powers.

In this article, we explain the FCA's 11 Principles for Business (PRIN), their purpose, how they are used to regulate the market in the UK, and the consequences of breaching the Principles.

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Time To Get Serious About SMCR in the Context of Climate Change

In April 2019, the Prudential Regulation Authority (PRA) sent a letter to CEOs highlighting its expectations for Boards of PRA regulated firms to understand and manage climate-related risks. The statement expects firms to allocate responsibility and appoint a Senior Management Function ("SMF") responsible for identifying and managing climate-related risks.

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Compliance Podcasts You Should Listen To

Podcasts aren’t new but they are on the rise, and for a reason, they are an engaging, informative and easy form of content to digest. You just need a mobile device to access them and here you go, great content in your hand.  

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FCA’s Expectations on Financial Resilience

The FCA wants to see firms operating in this challenging period and are providing some flexibility to regulated firms to ensure continuity. Last week the FCA published an updated statement regarding expectations for solo-regulated firms and this week extended the time limit for obtaining appropriate professional qualifications.

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