The FCA Business Plan for 2016/17 outlines 7 priorities that are carried over from last year: pensions, financial crime, wholesale markets, advice, innovation/technology, culture/governance, and treatment of existing customers. The plan emphasizes continuing themes of complex business models, acting in customers' interests, and encouraging new technology. Key responses include implementing new regulations on markets and financial crime, focusing on culture and accountability, and protecting customers in advice, pensions and insurance. Brexit is also addressed, with the FCA considering potential short-term market volatility and longer term consequences depending on future UK-EU relations.
The European Banking Authority are proposing to change fundamentally the prudential landscape for investment firms. In this briefing we looked at these proposals for strategic context around the update to your 2016 ICAAP.
Financial crime hot topics: DPA's and Correspondent BankingBovill
At our February briefing in London, we looked at the evolution of and practical approaches to two current hot topics, Deferred Prosecution Agreements (DPAs) and Correspondent Banking.
During this briefing we looked at two distinct hot topics, Deferred Prosecution Agreements and Correspondent Banking. The discussion focused on the evolving challenges and practical compliance tips
It’s bigger. It’s tougher. It’s coming into effect on 3 July 2016. It’s the new Market Abuse Regulation (MAR).
MAR widens greatly the scope of instruments and actions subject to anti-market abuse regulations. It also creates a new regime to govern market soundings, and imposes tough new obligations on regulated firms.
We talked through the MAR journey and discussed how it might affect firms.
Spotting the banana skins - avoiding FCA enforcement through better complianc...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the May briefing on FCA enforcement and compliance oversight. For more information visit www.bovill.com.
Further information on the event is below:
The FCA’s Risk Outlook last month sent a strong signal that the responsibility of compliance officers goes beyond ticking boxes. And enforcement action shows that increasingly individuals are held accountable.
But what does this mean practically for day to day governance and oversight? One way to spot the banana skins is to understand who’s slipped on them before.
The FCA has recently imposed significant personal fines on compliance officers and other approved persons for:
• Inadequate oversight of the implementation of a firm’s policies and procedures
• Failure to disclose a potential conflict of interest
• Failure to recognise the regulatory significance and have sufficient oversight of the firm’s overseas activities.
Bovill’s briefing explored effective oversight.
We looked at the FCA’s reasons for imposing these fines, and suggested ways of making sure your firm has sufficient oversight of its business –
helping you spot the banana skins before you slip up.
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by Ralph Haddad, Global Compliance Leader at Anti-Corruption at CAE Inc.
This presentation by Sean Ennis, Senior Economist, OECD Competition Division, was made during the discussion on " Cartels: The estimation of harm in public enforcement actions " held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
The European Banking Authority are proposing to change fundamentally the prudential landscape for investment firms. In this briefing we looked at these proposals for strategic context around the update to your 2016 ICAAP.
Financial crime hot topics: DPA's and Correspondent BankingBovill
At our February briefing in London, we looked at the evolution of and practical approaches to two current hot topics, Deferred Prosecution Agreements (DPAs) and Correspondent Banking.
During this briefing we looked at two distinct hot topics, Deferred Prosecution Agreements and Correspondent Banking. The discussion focused on the evolving challenges and practical compliance tips
It’s bigger. It’s tougher. It’s coming into effect on 3 July 2016. It’s the new Market Abuse Regulation (MAR).
MAR widens greatly the scope of instruments and actions subject to anti-market abuse regulations. It also creates a new regime to govern market soundings, and imposes tough new obligations on regulated firms.
We talked through the MAR journey and discussed how it might affect firms.
Spotting the banana skins - avoiding FCA enforcement through better complianc...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the May briefing on FCA enforcement and compliance oversight. For more information visit www.bovill.com.
Further information on the event is below:
The FCA’s Risk Outlook last month sent a strong signal that the responsibility of compliance officers goes beyond ticking boxes. And enforcement action shows that increasingly individuals are held accountable.
But what does this mean practically for day to day governance and oversight? One way to spot the banana skins is to understand who’s slipped on them before.
The FCA has recently imposed significant personal fines on compliance officers and other approved persons for:
• Inadequate oversight of the implementation of a firm’s policies and procedures
• Failure to disclose a potential conflict of interest
• Failure to recognise the regulatory significance and have sufficient oversight of the firm’s overseas activities.
Bovill’s briefing explored effective oversight.
We looked at the FCA’s reasons for imposing these fines, and suggested ways of making sure your firm has sufficient oversight of its business –
helping you spot the banana skins before you slip up.
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by Ralph Haddad, Global Compliance Leader at Anti-Corruption at CAE Inc.
This presentation by Sean Ennis, Senior Economist, OECD Competition Division, was made during the discussion on " Cartels: The estimation of harm in public enforcement actions " held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
The Role of Regulations in the Development of Digital FinanceJohn Owens
This presentation focuses on the balancing act between innovation, safety and soundness of digital financial services as well as steps to support consumer protection. It also includes a review of the current guidelines and a checklist format to guide regulators and policy makers to compare their own regulations, policies, environments and supervisory capacity in relation to emerging developments in the field of DFS.
This presentation by José Maria Marín-Quemada, Chairman Comisión Nacional de los Mercados y la Competencia, Spain, was made during the discussion on " Cartels: The estimation of harm in public enforcement actions " held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
Countering Financial Crime - The Importance of Effective TrainingAperio Intelligence
We are a corporate intelligence and financial crime advisory firm based in the City of London. We specialise in: conducting enhanced due diligence on high risk customers and third parties; integrity due diligence on critical acquisitions and investments; market entry and political risk analysis; and investigations. We provide tailored training and advisory services relating to financial crime, in particular anti-money laundering and sanctions compliance. Our clients include some of the world’s leading regulated financial institutions and corporations. Our team has decades of collective experience in advising clients on financial crime and intelligence gathering, helping them to manage risk and maximise potential.
Contact us today for further information on how we can help you.
This presentation by Professor Spencer Weber Waller, Loyola University Chicago School of Law, was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
FCPA Enforcement Tends and Their Impact on Corporate Compliance ProgramsPECB
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by William Marquardt, Director at Berkeley Research Group LLC in Florida
This presentation by Kusha Haraksingh Chairman of CARICOM, was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
This whitepaper looks at the distinctions across the United States, the United Kingdom and Hong Kong, focusing on four areas: regulatory examination and enforcement, correspondent banking, information sharing, and AML technology.
In the framework of an OECD project with the Mexican Ministry of Economy, this presentation summarises the findings of this 2016 OECD report on international experiences and best practices regarding the role of courts in the implementation of competition policy. The full report available in English and Spanish can be downloaded at oe.cd/comp-courts-report-2016.
Connecting the dots: regulatory reforms in SingaporeKate Saunders
Whilst risks to the global outlook remain, regulatory reforms in the financial sector by the Monetary Authority of Singapore (MAS) are continuing. At our April briefing, we looked at some of the relevant topics in MAS’ pursuit to strengthening the resilience of Singapore’s financial system through regulatory reforms.
NICSA Webinar | Collateral Management Market Practices and New Legislation Im...NICSA
The presentation is designed to give employees of buy side firms who currently trade OTC derivatives a basic knowledge of current collateral management market practices. The presentation will also provide background on the motivation for proposed rule changes to collateralization of OTC derivatives, a brief overview of the proposed rules, the timing of their implication, how the industry has responded in the face of new legislation and what the implications of the new rules are for affected firms.
Fca Business Plan and Outlook 2015/16 - Bovill BriefingBovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the April 2015 briefing on the FCA's Business Plan and Outlook for 2015/16. For more information visit www.bovill.com.
Further information on the event is below:
The FCA’s year ahead
This year’s combined Business Plan and Risk Outlook has reiterated many of the FCA’s current concerns, including technology and data issues, and added financial crime to its list of key risks.
As well as the usual thematic work there’ll be an emphasis on market studies – including looking into the post MMR world and the ways in which asset managers charge for their products.
Not surprisingly there’ll be a lot on pensions, and various thematic projects on things like non-advised sales, inducements and other conflicts of interest. Also under the microscope will be incentive structures and debt collection practices among consumer credit firms.
And the regulator is restructuring again …
Our briefing will walked through the highlights of the document, and looking at what you might need to be doing differently in the year ahead.
The Role of Regulations in the Development of Digital FinanceJohn Owens
This presentation focuses on the balancing act between innovation, safety and soundness of digital financial services as well as steps to support consumer protection. It also includes a review of the current guidelines and a checklist format to guide regulators and policy makers to compare their own regulations, policies, environments and supervisory capacity in relation to emerging developments in the field of DFS.
This presentation by José Maria Marín-Quemada, Chairman Comisión Nacional de los Mercados y la Competencia, Spain, was made during the discussion on " Cartels: The estimation of harm in public enforcement actions " held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
Countering Financial Crime - The Importance of Effective TrainingAperio Intelligence
We are a corporate intelligence and financial crime advisory firm based in the City of London. We specialise in: conducting enhanced due diligence on high risk customers and third parties; integrity due diligence on critical acquisitions and investments; market entry and political risk analysis; and investigations. We provide tailored training and advisory services relating to financial crime, in particular anti-money laundering and sanctions compliance. Our clients include some of the world’s leading regulated financial institutions and corporations. Our team has decades of collective experience in advising clients on financial crime and intelligence gathering, helping them to manage risk and maximise potential.
Contact us today for further information on how we can help you.
This presentation by Professor Spencer Weber Waller, Loyola University Chicago School of Law, was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
FCPA Enforcement Tends and Their Impact on Corporate Compliance ProgramsPECB
This presentation was delivered at the ISO 37001 & Anti-Bribery PECB Insights Conference by William Marquardt, Director at Berkeley Research Group LLC in Florida
This presentation by Kusha Haraksingh Chairman of CARICOM, was made during the discussion on "Addressing competition challenges in financial markets" held at the 2017 Latin American and Caribbean Competition Forum (4-5 April 2017 – Managua, Nicaragua). More papers and presentations can be found at oe.cd/laccf.
This whitepaper looks at the distinctions across the United States, the United Kingdom and Hong Kong, focusing on four areas: regulatory examination and enforcement, correspondent banking, information sharing, and AML technology.
In the framework of an OECD project with the Mexican Ministry of Economy, this presentation summarises the findings of this 2016 OECD report on international experiences and best practices regarding the role of courts in the implementation of competition policy. The full report available in English and Spanish can be downloaded at oe.cd/comp-courts-report-2016.
Connecting the dots: regulatory reforms in SingaporeKate Saunders
Whilst risks to the global outlook remain, regulatory reforms in the financial sector by the Monetary Authority of Singapore (MAS) are continuing. At our April briefing, we looked at some of the relevant topics in MAS’ pursuit to strengthening the resilience of Singapore’s financial system through regulatory reforms.
NICSA Webinar | Collateral Management Market Practices and New Legislation Im...NICSA
The presentation is designed to give employees of buy side firms who currently trade OTC derivatives a basic knowledge of current collateral management market practices. The presentation will also provide background on the motivation for proposed rule changes to collateralization of OTC derivatives, a brief overview of the proposed rules, the timing of their implication, how the industry has responded in the face of new legislation and what the implications of the new rules are for affected firms.
Fca Business Plan and Outlook 2015/16 - Bovill BriefingBovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the April 2015 briefing on the FCA's Business Plan and Outlook for 2015/16. For more information visit www.bovill.com.
Further information on the event is below:
The FCA’s year ahead
This year’s combined Business Plan and Risk Outlook has reiterated many of the FCA’s current concerns, including technology and data issues, and added financial crime to its list of key risks.
As well as the usual thematic work there’ll be an emphasis on market studies – including looking into the post MMR world and the ways in which asset managers charge for their products.
Not surprisingly there’ll be a lot on pensions, and various thematic projects on things like non-advised sales, inducements and other conflicts of interest. Also under the microscope will be incentive structures and debt collection practices among consumer credit firms.
And the regulator is restructuring again …
Our briefing will walked through the highlights of the document, and looking at what you might need to be doing differently in the year ahead.
Bovill briefing: Making AIFMD business as usual - Annex IV reporting - Octobe...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the October 2014 briefing On AIFMD. For more information visit www.bovill.com.
Further information on the event is below:
Making AIFMD business as usual
When AIFMD came fully into force in July it felt like the end of a long journey. The end of the transitional period, however, was just the beginning. Firms now need to make sure their AIFMD policies and procedures are properly embedded and working effectively.
The Annex IV reporting regime presents a particular challenge for affected firms in remaining compliant with the Directive.
Relevant for anyone involved in meeting AIFMD requirements, Bovill’s briefing covers:
• a recap of what AIFMD is all about
• how to effectively monitor compliance under the Directive
• the practicalities of Annex IV reporting and how Bovill can help.
Bovill social media regulation workshop UKCFA Dec 14Bovill
The UK Crowdfunding Association invited Bovill - the specialised regulatory consultants - to present at their workshop on FCA Social Media Regulation.
We looked at the draft guidance from FCA as well as some recent examples of where it’s gone wrong . Here are a few of the slides used. The final guidance on social media should be released by the FCA in early 2015. We’ll be keeping a close eye on it.
Pensions: nirvana or nightmare? - Bovill briefingBovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the May 2015 briefing on the FCA's Business Plan and Outlook for 2015/16. For more information visit www.bovill.com.
Further information on the event is below:
Our May briefing looks at the impact of the latest pension reforms.
New freedom and choice has made pensions a more attractive investment, and the greater complexity means there’s greater need for advice. But is the opportunity for advisers worth the risk? As it becomes harder to divorce pension planning from investment advice, will wealth managers who choose not to offer pensions advice lose business? And what is the knock on effect for the industry as a whole? Our London briefing look at the new pensions regime. We consider:
•what’s changed
•how it affects advisers and the suitability considerations they face
•how to address the compliance challenges that it brings
As regulatory trends echo across the globe, we looked to the east for June’s regulatory update.
When it comes to financial regulation, Asia is traditionally thought to lag behind Europe and, in turn the US. But with FATF currently focusing on Singapore, and the region seen as a hub for Fintech innovation, are there trends which may hit the UK coming from the other direction?
Holding management to account: where is it all heading?Bovill
From March next year, the way in which regulators hold managers to account will be split squarely between bankers and non-bankers. In our September London briefing, we distinguished between the ‘senior managers regime’ and the ‘approved persons’ regime, between those that can do ‘significant harm’ and those with ‘significant influence’.
Unraveling EU regulation for US Managers - Bovill New York BriefingBovill
Bovill - the UK financial services regulatory consultancy - held a breakfast seminar in New York for US investment managers and regulatory experts to 'unravel' EU regulation. For more information visit www.bovill.com.
Further information on the event is below:
Unraveling EU regulation for US Managers
Any financial services firm doing business in Europe needs a firm grasp of EU regulation.
Whether you are establishing an office in one country, marketing into several, or simply investing in a firm regulated in the UK, you will need to understand how EU-wide directives are translated into local rules.
Bovill – the London-based regulatory compliance experts – hosted a seminar in New York to give US firms an overview and update on European regulation.
The breakfast event covered:
The structure of the EU regulatory landscape – how EU directives are implemented by member states
The parallels and crossovers between EU and US regulation
The practical steps to consider, including a brief introduction to
- Alternative Investment Fund Manager Directive (AIFMD)
- European Markets Infrastructure Regulation (EMIR)
- Markets in Financial Instruments Directives (MiFID I & II)
MoneyWare FundWare™ enables organization to rapidly comply with the AIFMD requirements in respect of leverage, liquidity monitoring, risk management and regulatory reporting, without implementation costs or delay. The cost of compliance is significantly reduced through plug-and-play functionality, integrated data availability, automated report production and through availability as a hosted software as a service solution.
Malaysia lets you live the fun side of life with blissful adventurous activities. Come, explore, discover! Visit https://www.penangmyhome.com for more details.
It’s bigger. It’s tougher. It’s coming into effect on 3 July 2016. It’s the new Market Abuse Regulation (MAR).
MAR widens greatly the scope of instruments and actions subject to anti-market abuse regulations. It also creates a new regime to govern market soundings, and imposes tough new obligations on regulated firms.
We talked through the MAR journey and discussed how it might affect firms.
All AIFMs managing or marketing an AIF into the European Union will have to file an Annex IV report to the Financial Conduct Authority (FCA) or other National Competent Authority (NCA). A non EEA AIFM will have to make a report to the NCA of each member state in which an AIF is marketed. The Annex IV reporting obligation is live and for some firms this will mean fulfilling that obligation in October 2014, with all firms having to report by 31 January 2015.
Bovill briefing will minor complaints become a major issueBovill
Bovill's October London briefing covered the new rules on complaint handling - which may have a greater impact on your firm than you think. It’s no longer credible to report few or no complaints and your team will need training and support.
Conduct Risk. Assessing risk and identifying cultural drivers for clear defin...Compliance Consultant
Conduct Risk is sweeping the financial services world and catching many risk manager out as there is still a lack of understanding.
Our Compliance Manual is available at http://bit.ly/ComplianceManualTemplate
Risk management need to determine the corporate risk philosophy and appetite. To assess or understand the risk philosophy, try to comprehend the organisation's culture, values and environment. The way business operations are conducted on a daily basis and the organisation’s strategy are typically good indicators where you can find the company risk philosophy. Assess whether business has an aggressive, innovative, typical or conservative attitude towards risks for achieving business goals.
Risk appetite is simply the amount of risk which the organisation is willing to take to undertake business activities and achieve the business objectives, where Conduct Risk is concerned this has to include good customer outcomes. A simple question to ask the board of members could be “What amount of reported mismanagement or public uproar would make you uncomfortable if it appeared in the business newspapers?”
Consolidate the various risk exposures from the risk department's identified risks and present them to the board. Finally, assess whether the company’s internal perception and rhetoric on risk philosophy and appetite are consistent with the board and other stakeholder's viewpoints. Realign the two where required to prepare the annual strategy.
Build Your Framework.
Conduct risk beyond the rulebook bovill briefing march 2014Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the March briefing on Conduct Risk. For more information visit www.bovill.com.
Further information on the event is below:
Conduct Risk: beyond the rule book
“One of the features of regulation, historically, was that it was all about compliance. Were a particular set of rules followed? Could a firm demonstrate and document that it had followed those rules to the letter? This created a cottage industry out of compliance – but did not necessarily lead to good outcomes…””
Martin Wheatley, CEO, Financial Conduct Authority
The FCA rulebook still matters, as any firm who has had a brush with the rules on client money and assets will know. However, the financial crisis showed that traditional compliance can mean the firm only knows what went wrong yesterday. Understanding what might happen tomorrow is equally important.
Managing Conduct Risk is now a key FCA expectation. It involves understanding what outcomes will flow from today’s actions – for the firm, its customers and the financial markets more broadly. And the Conduct Risk agenda is now more likely to involve smaller firms.
Bovill’s briefing looked at Conduct Risk and covered:
• What is Conduct Risk and where did the idea come from?
• What regulatory powers does the FCA use in its approach?
• How can you manage Conduct Risk?
The Indian banking sector has gone through some significant behavioural and structural changes during the COVID-19 pandemic. These changes, such as disruption of physical activities and decrease in financial flow, has brought new challenges for every vital function of the economic institutions.
https://www2.deloitte.com/in/en/misc/litetopicpage.2020-implementations.Impact-of-COVID-19-on-the-banking-sector-in-India.html
Mortgage Efficiency Survey 2016 - Henry WoodcockIRESS
Hi-lights from IRESS Mortgage Efficiency Survey 2016.
This industry survey, now in its fifth year, tracks the developments in the mortgage industry over the past 12 months. It enables lenders to benchmark their mortgage sales and originations systems and processes against the mortgage market as a whole, their peers and the sector they operate in across a variety of key performance indicators.
For the full report view www.iress.com/mes2016
The aftermath of the share class haggle in UK retail investments, post RDRDavid Taylor
As the Retail Distribution Review took effect in the UK in 2013, many expected distributors of investment products to win the haggle with product providers.
This didn't happen. But the aftermath leaves as many questions unanswered by the industry. This presentation paints some scenarios and explores the implications for action
This presentation discusses the causes of Andhra Pradesh crisis, how it all started and the possible after-effects. It also examines how the Indian MFIs and the government should respond post this crisis. The presentation concludes with reactions from the clients.
Regulatory compliance is a very challenging task for bankers. Digital banking adds to the complexity . Banks need to go beyond regulatory compliance to be safe and successful in digital banking , as regulation is always a caching up game. Police cannot outsmart thief.
Similar to 2016 fca look ahead bovill briefing (20)
MiFID II - investor protection - Bovill briefing feb 15Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February 2015 briefing on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
With the ‘Level Two’ advice published just before Christmas, this is the first of our 2015 series of MiFID II briefings.
This session focuses on the investor protection elements of ESMA's advice including topics such as:
• product governance to product intervention
• client assets
• remuneration
• conflicts and inducements (dealing commission)
• best execution and client order handling
• information to clients.
The briefing gives more details of our MiFID II toolkit and how this could help your project.
Bovill briefing: FCA Senior Persons Regime - December 2014 & March 2015Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the December 2014 London and March 2015 Leeds briefing on the new Senior Persons Regime. For more information visit www.bovill.com.
Further information on the event is below:
On the hook and nowhere to hide
The regulators’ focus on senior individuals is greater than ever before and the personal cost of failing in your duties can be massive.
The new Senior Managers Regime will soon replace the Significant Influence Function (SIF) component of the Approved Persons regime for UK deposit takers and systemically important investment firms. The regime aims to increase accountability – and personal liability – for individuals who are Senior Managers in these organisations, and also sets the tone for those in other types of firms.
In this briefing, we:
• Give a brief refresher on upcoming changes to the SIF and Approved Persons world
• Look at the proposed Senior Managers Regime
• Reflect on the regulators’ increased scrutiny of individuals
• Offer some practical tips on how to keep out of the regulators’ ‘firing line’
Bovill regulatory briefing - Advice models - November 2014Bovill
Bovill is a specialist financial services regulatory consultancy. We run briefings each month to help firms understand compliance with FCA regulation in a practical way. Novembers briefings were on Advice Models - details of what we cover are below:
When is advice not advice? It’s a simple question, but hard to answer.
The FCA thinks this confusion is bad for customers. Clients are not getting the help they need when making investment decisions. RDR has put retail investors off paying for traditional advice. This has created an appetite for new ways to invest.
The regulator wants to support innovative ways for providing advice and execution-only services. Although many feel the recent guidance consultation on advice still raises questions, it shows the FCA embraces
new ideas.
Our briefing helps you understand and capitalise on new advice models. We answer questions such as:
• What do terms like ‘simplified advice’, ‘non advised guided sales’ and ‘execution only’ actually mean?
• What service models should you be considering for your business?
• How can this help provide a quicker, slicker and less costly client experience?
We walk through the different elements of the FCA’s consultation, and help give you the confidence to design new service models that can meet the FCA’s expectations for suitability and appropriateness.
Bovill Briefing Introducing MiFID II September 2014Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the September briefing - the first of a series on MiFID II. For more information visit www.bovill.com.
Further information on the event is below:
MiFID brought major regulatory change to investment firms back in 2007. But technological strides and market developments since the financial crisis are now exposing weaknesses in the directive.
MiFID II is a complete rebuild – aiming to close the gaps in the regulatory framework and introduce a ‘Mark 2’. Strong enough to protect the investment industry whatever the future holds, Mark 2 will also help achieve all of MiFID’s original aims by bolstering investor confidence.
At over 200 pages, MiFID II is longer, broader and more granular than MiFID I. It increases regulatory requirements, may well bring new firms into its scope, and will require changes to the way some investment firms currently work.
The first in a series of Bovill briefings on different elements of MiFID II, this introductory session provides:
• a general overview of the directive
• detailed timelines
• the steps you need to start taking now.
This briefing is relevant for all compliance officers of firms that undertake investment business in UK and Europe including those firms that are currently exempted from MiFID I.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the July briefing on the FCA changes to the rules on holding client money and assets. For more information visit www.bovill.com.
Further information on the event is below:
For a long time there have been grey areas in the FCA’s client money and assets rules making it hard for firms to know where they stand.
The new CASS rules, announced on 10th June, aim to clarify these grey areas, and Bovill’s briefing helps bring them into sharper focus.
The changes are not fundamental in nature, but they add an important level of detail in areas where firms have been in breach in the past. The revised rules, to be brought in over the next year, will affect all firms that hold client money or assets, including loan-based crowdfunding firms.
Bovill’s July briefing provides:
• A commentary on the most significant rule changes
• Practical guidance on what these will mean for firms.
This briefing is relevant for all compliance officers of firms holding client money and/or assets, CF10as and senior management with oversight of key client money and asset processes.
Space and suitability - Bovill briefing on FCA regulation June 2014Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the June briefing on Suitability. For more information visit www.bovill.com.
Further information on the event is below:
Suitability has been with us for what can seem like forever. And, like the universe itself, its impact is far reaching and its complexity can at times seem bewildering.
In our briefing we explore themes around suitability and look at the journey firms have been on.
It has been three years since the wealth management ‘Dear CEO letter’. Bovill’s Richard Scrivener – who was at the regulator at the time – looks at some of the issues still troubling parts of the industry as well as the FCA, such as risk-profiling, assessing capacity for loss and what to do with ‘client-directed holdings’.
We give some practical insight into how these issues are being tackled. We also touch on some related areas, for instance, delving into recent Final Notices to spot what is new and what lessons can be learned and looking at more recent regulatory developments.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
Marketing in a brave new world - FCA financial promotions regulation - Bovill...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the January briefing on financial promotions. For more information visit http://www.bovill.com/Financial-Promotions.aspx.
Information about the event is below:
From new year’s day the way you market products and services – particularly to retail investors – changed significantly. The FCA’s new financial promotion rules governing non-mainstream pooled investments came into effect on 1st January 2014.
Bovill’s briefing gave attendees the inside track on navigating the new restrictions. We also explored what the financial promotions rules mean in relation to social media.
The briefing covered:
• non-mainstream pooled investment restrictions;
• AIFMD marketing rules;
• proposed changes to direct offer financial promotions;
• social media developments.
'EIS & Crowdfunding: regulatory considerations' Gill Roche-Saunders from Bovi...Bovill
While the case for diversifying a portfolio into alternatives is well understood, the practical challenges can be hard to overcome. EIS arrangements and crowdfunding platforms are an increasingly popular option to access alternative investments and are not restricted by the same obstacles that apply to unregulated collective investment schemes.
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
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• Three (3) key tips to maintain a disciplined workplace.
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Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
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What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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3. • Many issues presented in this year’s Business Plan are carried over
from last year’s list of key priorities for the FCA
• Ever increasing focus on individual accountability at firms
• Risks and rewards regarding innovation and development of
technology
• Increased development of ‘alternative’ approaches
Introduction
“Our aim is to identify and respond promptly and
effectively to emerging issues, before they cause
significant harm or grow in scale”
5. Continuing common themes
Culture and controls
Increasing complexity in business models
Act in the interests of existing, as well as new customers
Technological innovation and encouraging new business
‘Boards have a critical role in setting the ‘tone from the
top’. We expect them to take responsibility for their firm’s
culture, ensure it remains high on firms’ agendas and that
the tone is replicated throughout the firm.’
6. • Pensions
• Financial crime and anti-money laundering
• Wholesale financial markets
• Advice
• Innovation and technology
• Culture and governance
• Treatment of existing customers
FCA 2016/2017 risk outlook priorities
7. Pensions
• Consumers unwilling or unable to contribute to pensions
• Choices facing consumers are increasingly complex
• Variety of options available create different risks
• High costs and uncapped fees in pension products
disproportionately reduce consumer funds
Risks
• Review on retirement incomes
• Developing a cap on early exit charges
• Educating consumers on scams
• Reviewing the effectiveness of IGCs
• Consumer protection model for the secondary annuities market
Responses
8. Financial crime
• Firms with weak checks and controls
• Reduction in investment in systems and controls - online
financial crime & cyber attacks increasing
• Banks de-risking restricts access to financial markets for
consumers
• Vulnerability of consumers to fraudsters; in particular pensions
Risks
Responses
• Implementation of 4MLD
• The Financial Crime Data Return
• Enforcement
• Drive to encourage whistleblowing
• Responding appropriately to de-risking
9. Wholesale financial markets
• Market volatility as uncertainty about the global economic outlook
continues
• Financial results being prioritised over good conduct
• Continuing poor management of conflicts of interest, particularly
around trader controls in wholesale banks
Risks
• Introduction of MAR
• MiFIR asset reporting
• SMR across entire industry
• Implementation of MiFID 2
• Asset management market study report
Responses
10. Advice
• Consumers need support / accessible advice to a range of
options
• Consumers not using paid-for advice due to cost
• Complex, opaque charging structures used by advisers
discourages consumers
• Sales over suitability
Risks
• Supervisory focus on advice
• Implementation of the recommendations from FAMR
Responses
11. FCA Response:
Innovation and Technology
Regulatory
‘Sandbox’
Operational
resilience
work
‘Big data’
review
Supporting
‘robo advice’
• Adoption of technology limited by infrastructure vulnerabilities
• Firms remain reliant on complex IT systems
• Tighter margins leading firms to outsource more
• Cyber-attacks increasing
12. • Poor cultures result in poor outcomes
• Business models and governance arrangements not aligned with
values and good conduct
• Incentive structures too short term
• Weak governance and lack of accountability
FCA Response:
Culture and governance
SMR
Performance
management
focus
Remuneration
Ongoing
dialogue with
industry
13. • Moving existing customers into more expensive products
• Growing number of over-indebted mortgage holders
• Restructuring products
• Applying unjustified exit/switching fees
• Consumers’ weak bargaining position
FCA Response:
Treatment of existing customers
Consider CMA
findings
Additional work surrounding
long-standing customers in life
insurance sector
Follow-up to
cash savings
market study
14. • Barely mentioned in the business plan
• Breaking free from the shackles or more scope for FCA gold plating?
• Difficult ‘untangling’ process guaranteed
• Future of passporting would be unclear
Brexit – more or less regulation?
‘The UK’s referendum on remaining part of the European
Union will take place on 23 June 2016. As part of our
normal activities, we are considering the issues that may
arise, and that could have the potential to impact our
objectives. This includes considering the immediate and
short-term consequences of any vote to leave the EU, such
as the potential for increased market volatility. The longer
term consequences of any vote to leave would depend on
the UK’s eventual relationship with the EU, which would
depend on the outcome of negotiations between the UK
Government and the EU.’
15. A flavour of things to come….
Programme of ongoing activities
Retail Investments
• Inducements and conflicts of
interest review
Wholesale Banking & Investment
Management
• Asset management market
study
Retail Banking
• Packaged bank account review
Retail Lending
• Competition in mortgage sector
• Mortgages: embedding MMR
• Credit card market study
Pensions & Retirement Income
• Retirement outcomes review
• Annuities sales practices
review
16. What it means for you
• The focus remains on consumers and the implementation of regulatory
change
• Culture is still very much top of the agenda – SMR is coming to all firms
• Review and improve your processes around:
• conflicts of interest
• financial crime and AML
• corporate governance
• The development of new technology and innovation for consumers are at
the forefront of what the FCA wants to achieve