What Spooked Compliance Officers this year

2020 has been a scary year and there have been a few things that have spooked the most experienced compliance officer. Covid-19 compliance, regulatory updates and deadlines,  and a few large fines and sanctions haunted firms throughout the year. In this blog, we share our thoughts about recent events that unnerved normal compliance operations and should be considered as we move towards 2021.

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FCA Consults on Extending SMCR Deadlines

The FCA is consulting on extending the deadlines for the SMCR for solo-regulated firms until 31 March 2021. This delay will give firms, significantly affected by the Covid-19, time to make the changes they need. 

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FCA Priorities for the Year Ahead

The FCA has stated that a primary focus in 2020 is to mitigate the impact of Covid-19 on the markets and protect consumers. However, firms should not think that means that the regulator will adopt a light approach to current investigations and regulatory enforcement.

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Regulators Expectations of Institutional Governance

You might have asked yourself “what governance expectations do regulators have?”. Well, regulators seek good governance and deem it critical that businesses deliver effective management to support and strengthen compliance. Regulators understand that firms affected by the COVID-19 crisis must adapt and review their actual governance, as necessary. 

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Survey Says Nearly Half of Brokers Aren't Aware of SMCR

According to a new survey by the British Insurance firm Ecclesiastical, nearly half of brokers aren’t even aware of the impending Senior Management and Certification Regime (SMCR), which takes effect on December 9, 2019. This is despite the fact that the SMCR has been extended to all insurance intermediaries and solo-regulated firms. 

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