MEMA Insights

Insights & analysisfor compliance leaders

Clear, practical commentary on FCA regulation, enforcement and sector change, for the people who have to act on it.

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Showing 85–96 of 143 articles

  • Financial Crime

    Navigate the New Financial Crime Landscape with FCA's Updated Guide and MEMA Consultants' Expertise

    In response to evolving regulatory landscapes and recent global events, the Financial Conduct Authority (FCA) has unveiled proposed updates to its Financial Crime Guide, CP24/9. The revisions aim to enhance sanctions systems, address proliferation financing, and refine transaction monitoring with a focus on modern technologies like Artificial Intelligence and cryptoassets. With these updates, the FCA seeks to fortify financial crime prevention measures and ensure firms are well-equipped to meet new challenges. As firms adapt to these changes, MEMA Consultants stands ready to offer expert guidance and tailored support, helping businesses align with FCA's stringent standards and navigate this complex regulatory terrain effectively.

    5 min read10 Jun 2024
  • Financial Crime

    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.

    5 min read29 Apr 2024
  • Authorisation

    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.

    5 min read25 Apr 2024
  • Enforcement

    Revised UK Financial Regulators' Complaints Scheme: Coming into Effect on 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:

    5 min read9 Aug 2023
  • Consumer Duty

    FCA's New Consumer Duty Takes Centre 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.

    5 min read20 Apr 2023
  • Governance & SM&CR

    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).

    5 min read5 Apr 2023
  • Regulatory Change

    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 organisation. In this article, we'll provide key strategies and best practices for successful horizon scanning in the UK banking and payment services sector.

    5 min read31 Mar 2023
  • Consumer Duty

    The Motor Finance Industry: How to Apply the Consumer Duty Principle

    On 1 March 2023, the FCA released a portfolio letter titled "Implementing the Consumer Duty in the Motor Finance Providers Portfolio." The letter highlights the need for a more consumer-focused approach and emphasises that CEOs or directors should personally focus on implementing the Consumer Duty.

    5 min read15 Mar 2023
  • Consumer Credit

    Consumer Credit Reforms - Are they long overdue?

    The Consumer Credit Act 1974 (CCA) is a significant piece of legislation that regulates credit agreements, such as personal loans, overdrafts, and credit card purchases. However, the CCA has undergone numerous changes over the years, resulting in a fragmented and complex consumer credit framework that is difficult to navigate.

    5 min read16 Feb 2023

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