MyComplianceOffice Blog

Compared with other industries, the financial services industry inherently has an elevated risk of conflicts of interest. In particular, connected persons and close personal relationships can influence decisions that result in significant business and financial impact. After all, we’re all human and sometimes act based on emotion. Unfortunately, those human, emotional connections can sometimes lead to severe conflicts.

It’s been an eventful year in Financial Services risk and compliance across the globe. From record enforcement levels to market disruptions to evolving regulations around emerging risks like digital assets and crypto, developments have been coming at compliance professionals at a fast and furious pace.

To keep up with the latest regulatory developments and understand the practical impact on compliance, check out MCO's library of 2022 on-demand webinars for expert guidance viewed at your convenience.

The holidays are here. The air is filled with cheer. . . and gifts and entertainment that might be putting your organization at risk. And those gift and entertainment compliance concerns don't end when the holidays are over. Taking a mindful approach to both the giving and receiving of gifts and entertainment can help firms stay on top of compliance throughout the year.

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.

It’s that time of year again! The end of the year brings opportunity for corporate gift giving and holiday events—and with that ample risk for conflicts of interest.

Are your gifts and entertainment policies wrapped up in anticipation of the upcoming holiday season?