The UK’s financial services sector is braced for a year of change as new regulatory requirements come into force this year, and further developments are expected from the Financial Conduct Authority (FCA) in the coming months.
In a recent webinar, four experts from fscom highlighted the main trends and developments firms should prepare for in the coming year and beyond.
We have now pulled their insights into this report “Ten Key Trends to Watch in the UK’s Regulatory Outlook for 2022”
The experts included:
- Jamie Cooke, Managing Director of fscom and Head of Investments.
- Alison Donnelly, Director and Head of Payments.
- Phil Creed, Director and Head of Financial Crime.
- Nick Gumbley, Associate Director and Head of Cyber Security.
They brought their knowledge and experience from across the financial services sector to highlight the implications of upcoming regulations and supervisory priorities for payment and e money institutions, cyber security, financial crime and investments.
The general trend across all sectors is clear: the Financial Conduct Authority (FCA) has signalled that they will be more interventionist in 2022 in order to protect consumers and market confidence. The impact being that financial institutions need to ensure they can demonstrate compliance with the applicable regulations, and this report offers guidance on where they should focus their efforts.
In a nutshell: fscom experts’ top advice for regulatory compliance in 2022
This report covers a wide range of regulations and trends across the sector, and companies can be excused for feeling overwhelmed by their compliance to-do list. So, we asked our webinar speakers for their one key piece of advice:
“Update your enterprise risk assessment with particular focus on conduct and culture” – Jamie Cooke.
“Assess how your business impacts and protects vulnerable customers” – Alison Donnelly.
“Forward plan your resource requirements and prepare before it becomes a problem – nothing screams to a regulator more than backlogs” – Phil Creed.
” Understand and document how your data is shared with third parties and how they meet your security requirements” – Nick Gumbley.
Download the FULL 2022 UK Regulatory Outlook Key Trends Report here today.
This post contains a general summary of advice and is not a complete or definitive statement of the law. Specific advice should be obtained where appropriate.
