Industry News

Risk Management Industry News for FCA Regulated Businesses

Topics: Company Culture

The emerging risk of employee burnout

‘Burnout’ is one of the year’s buzzwords, signifying an extreme type of work-related stress, where those affected experience physical and mental exhaustion that also involves a sense of reduced accomplishment and loss of personal identity.

Employees...

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Topics: FCA, Cyber security

FCA warns ‘no end in sight’ to cyber threat risk

In the year to October, the FCA has revealed a 138% increase in reported technology outages, with 18% of these being cyber-related. The regulator called the rises ‘significant’ and is urging financial services firms to do more to reduce risk.

Speaking...

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Topics: FCA, Claims Management

Claims management – FCA new rules loom

The clock is ticking for claims management companies, with the Financial Conduct Authority poised to take over regulation of the sector – around 1,700 firms - on 1 April 2019. A new regime is coming and it promises to be rigorous.

The claims...

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Topics: whistleblowing, FCA, Financial Crime

Whistleblowers’ rights move to centre stage

Risk managers should be prepared for potential new laws that may be enacted to ensure whistleblowers are subject to fair treatment, anonymity and possibly financial reward.

This follows concerns that those blowing the whistle can face extreme...

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Topics: Cyber security, Cyber crime

Cyber crime continues to threaten despite arrests

Read the news and it would appear the authorities have been cleaning up when it comes to apprehending cyber criminals. This year has seen a swathe of high profile arrests including:

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Topics: UK Senior Managers Regime, Compliance

Senior managers face scrutiny as SM&CR sweeps in

The clock is ticking as many prepare for the FCA’s Senior Managers and Certification Regime (SM&CR), which is poised to be hugely influential in terms of its impact on firms’ culture and operations.

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Topics: Regulation update, Operational Resilience

Next FCA focus is Operational Resilience

Expect announcements shortly from the FCA on one of the most current and prioritised themes – operational resilience.

In conjunction with the Prudential Regulation Authority and the Bank of England, the Financial Conduct Authority published a...

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Topics: Money Laundering, Reputational Risk

Poor AML controls highlighted at Danske Bank

Last month, the chief executive of Danske Bank resigned over a €200bn money laundering scandal, said to be the largest in history.

Thomas Borgen was in charge of Danske’s international operations - including Estonia where money laundering is said to...

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Topics: Insurance, Regulation update

27% of insurance brokers 'completely unaware' of the Insurance Distribution Directive

The Insurance Distribution Directive (IDD) has arrived and whether they have made sufficient preparations or not, intermediaries should already be compliant.  Firms with in-house compliance departments, typically larger businesses, are likely to be up...

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