August 29, 2022
Who would be considered a Politically Exposed Person (PEP)?
“A Politically Exposed Person (PEP) is a natural person who is or has been entrusted with prominent public functions and includes his/her immediate family or persons known to be close associates of such persons, but shall NOT include middle ranking or more junior officials.”
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April 11, 2021
Preparing for your annual FCA Reporting Requirements
Your firm is due to submit its regulatory return(s) within 30 business days of your Accounting Reference Date. Reporting requirements apply to all firms with permissions to carry on regulated claims management activities, including firms with temporary permissions.
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April 11, 2021
FCA Threshold Conditions
Firms that apply for FCA authorisation have to meet the Financial Conduct Authority's minimum standards to become authorised – known as the “Threshold Conditions”.
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May 16, 2022
Learn how to conduct Wind Down Planning
The FCA recently completed a thematic review of wind-down processes across a number of business models. The review was aimed at reviewing firms on whether they held the appropriate liquidity, examining intragroup dependencies and wind-down triggers.
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August 12, 2022
The UK Financial Crime Legislation framework
MEMA has produced this financial crime series for firms, to understand the steps they can take to reduce their financial crime risk. It does not include all the financial crime risks a firm may face but provides an understanding of FCA expectations in this complex field.
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November 19, 2024
Preparing for Change: The UK's Move to Regulate 'Buy Now, Pay Later' Lenders
Understand the UK's proposed regulation of 'Buy Now, Pay Later' lenders and what financial firms need to prepare for. Insights from MEMA Consultants.
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August 10, 2022
Financial Crime- Understanding the FCA Handbook rules
MEMA has produced this financial crime series for firms, to understand the steps they can take to reduce their financial crime risk. It does not include all the financial crime risks a firm may face but provides an understanding of FCA expectations in this complex field.
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May 23, 2025
Buy-Now-Pay-Later gets real: what the 2025 draft Order means for short-term interest-free credit – and why firms must start planning now
Five years on from the Treasury’s initial pledge, Parliament now has the Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 on its table
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July 4, 2022
What is an FCA Final Notice
If you follow regulatory news, you will understand the FCA releases news of final notices and fines issued on firms and individuals that have breached its rules.
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June 12, 2022
How to write a FCA business plan
We intend on launching a range of How-To articles to help you understand and resolve your ongoing regulatory compliance matters. Our first instalment is a guide on how to write a regulatory business plan.
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January 7, 2022
FCA Fee Cap on CMCs
You will be aware that the FCA’s price cap is coming into existence on 1 March 2022. As a quick primer, this means there will now be five redress bands with a maximum fee charged per band.
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February 6, 2023
5 Steps for Conducting Effective Compliance Control Monitoring for Financial Firms
Compliance control monitoring is a crucial aspect of maintaining regulatory compliance for financial firms. The Financial Conduct Authority (FCA) requires firms to have robust controls and monitoring systems in place, and it is up to individual firms to implement these measures effectively. In this article, we will discuss the steps that firms can take to conduct compliance control monitoring.
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June 27, 2022
Credit Broking- a brief FCA guide
At MEMA, we believe in upskilling our readers and clients as much as possible. We will be releasing brief explanations into Financial Conduct Authority (FCA)-regulated areas, so you can understand quickly what are the requirements in that area. Our first area will be Credit Broking.
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May 15, 2021
Understanding virtual asset service providers
Virtual asset service providers have been defined as a new financial sector facing significant money laundering and terrorist financing risks.
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AML compliance in cryptocurrencies is impacted by the EU's expansion of policies
The European Parliament has decided to approve a set of rules to enhance the EU's anti-money laundering and terrorist financing tools, with a specific focus on the cryptocurrency business. The regulation mandates the implementation of heightened due diligence protocols and identity verifications for customers. Obligatory entities, including cryptocurrency asset managers and institutions, are required to notify Financial Intelligence Units (FIUs) or other competent authorities of any suspicious activities. An elevated degree of due diligence is being applied to the cryptocurrency sector.
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