UK FinancialRegulationMade Simple

FCA explainers

• DISP Complaints HandlingWhat the FCA expects from your complaints process.

  Handbook

  What it covers

  • The 8-week final response deadline and what the letter must say
  • Root cause analysis, not just counting complaints
  • FOS referral rights and the Consumer Duty link

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• Consumer Duty OutcomesThe four outcomes under PRIN 2A and how to evidence them.

  Handbook

  What it covers

  • Products and services, and price and value
  • Consumer understanding and consumer support
  • The evidence firms need to show for each outcome

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• SM&CR Responsibilities MapPrescribed responsibilities and gap analysis.

  Governance

  What it covers

  • Allocating prescribed responsibilities to named Senior Managers
  • Keeping the map consistent with Statements of Responsibilities
  • Common gaps and overlaps, and how to maintain the map

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• Financial Crime ControlsBWRA, CDD, monitoring and SARs.

  Implementation

  What it covers

  • Business-wide risk assessment (BWRA)
  • Customer due diligence, including enhanced due diligence
  • Transaction monitoring and SAR reporting

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• DIY vs Consultant: FCA AuthorisationSelf-managing versus using a specialist.

  Compare

  What it covers

  • When a DIY application can work
  • When a consultant is the safer route
  • Time, cost and why applications stall on information requests

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• Section 166 ReadinessHow to prepare for a skilled person review.

  Decision

  What it covers

  • Why the FCA appoints a skilled person
  • Appointment, evidence control and remediation
  • Readiness checks to run before a notice arrives

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