November 10, 2024
The Importance of Timely Disclosure: Lessons from the FCA's £350,000 Fine on Wise CEO
Discover how Wise CEO Kristo Käärmann's failure to notify the FCA of significant tax issues led to a substantial fine. Learn key compliance lessons for financial firms from MEMA Consultants.
Read MoreNovember 10, 2024
Putting Customers First: Insights from the FCA's £10.9 Million Fine on TSB
Learn from TSB's FCA fine for failing to treat customers fairly. Discover how to align your firm's practices with regulatory expectations with MEMA Consultants.
Read MoreApril 25, 2024
Improving Oversight of Appointed Representatives in the Credit Broking Industry Introduction
The Financial Conduct Authority (FCA) has recently assessed the key harms and drivers of harm caused by Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs) in the credit broking sector. The regulator has identified areas for improvement in the due diligence checks conducted by principal firms when appointing ARs and in their ongoing monitoring of these representatives. This article will discuss the issues identified by the FCA and how firms can address these concerns to ensure better oversight of their ARs and IARs.
Read MoreFebruary 12, 2024
Financial crime poses significant threats that undermine market integrity and public trust
Financial crime undermines market integrity and public trust, prompting the FCA's 3-year strategy. MEMA advises firms to use tech, collaborate, educate, strengthen compliance, foster responsibility, and support AML reform. For assistance, contact MEMA's experts.
Read MoreAugust 9, 2023
Revised U.K. Financial Regulators' Complaints Scheme - Coming into effect 1, November 2023
In a collaborative effort, the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Bank of England have unveiled their revised Complaints Scheme, which fundamentally shapes the protocol for addressing and managing grievances lodged against the U.K. regulatory bodies. This revamped framework encompasses several significant modifications:
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FCA
Authorisation
May 18, 2023
Use of Personal Communications Channels. A Compliance Concern for Regulated Entities
In today's digital age, the use of personal communications channels for work purposes has become a major point of contention for regulated entities. Financial services regulators globally,
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FCA
Authorisation
April 20, 2023
FCA's New Consumer Duty Takes Center Stage Amid Cost of Living Crisis
The Financial Conduct Authority (FCA) has highlighted its focus on ensuring good consumer outcomes in its latest Business Plan, selecting 'putting consumers' needs first' as one of its four priority areas for the upcoming year. This comes in response to the ongoing cost of living crisis, and the FCA is committing additional resources and headcount to Consumer Duty-related activities.
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FCA
Consumer Duty
April 5, 2023
Review of the Senior Managers & Certification Regime (SMCR)
On 30 March 2023, the UK government and regulators initiated a review of the Senior Managers & Certification Regime (SMCR) through a Call for Evidence from Her Majesty's Treasury (HMT) and a joint Discussion Paper (DP23/3) from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
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FCA
Authorisation
Senior Managers & Certification Reg
March 31, 2023
Horizon Scanning for Compliance Officers in UK Banking & Payment Services Sector: Key Strategies
Horizon scanning is a key component of this role, as it helps compliance officers stay informed of emerging trends, changes in regulations, and technological advancements that could impact their organization. In this article, we'll provide key strategies and best practices for successful horizon scanning in the UK banking and payment services sector.
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FCA
Consumer Credit
Authorisation
Crypto Regulations
