FCA Sanctions, Financial Promotions & Opportunities for Smaller Firms
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FCA Sanctions, Financial Promotions & Opportunities for Smaller Firms
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In this episode of Beyond the Buzz, Vicky Pearce and Rachel MacRae unpack the FCA’s latest review of firms’ sanctions systems and controls, highlighting persistent weaknesses in customer due diligence, screening, alert handling, and governance. They also explore the FCA’s findings on financial promotion approvers, the importance of Consumer Duty in promotion approvals, and the regulatory risks of relying on templates and inadequate oversight.
The pair then provide a quick-fire overview of key updates from FCA Handbook Notice 141, including changes to consumer credit reporting requirements and amendments to UK EMIR clearing thresholds for commodity derivatives. Finally, they discuss the FCA’s call for new members of the Smaller Business Practitioner Panel and why it represents an important opportunity for senior leaders in smaller regulated firms to help shape future regulation.