The Financial Services Authority (FSA) issue Final Notices whenever they have disciplined or censured a firm or individual for whatever reason.
The Principles are;
Integrity: A firm must conduct its business with integrity.
Skill, care and diligence: A firm must conduct its business with due skill, care and diligence.
Management and control: A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.
Financial prudence: A firm must maintain adequate financial resources.
Market conduct: A firm must observe proper standards of market conduct.
Customers' interest: A firm must pay due regard to the interests of its customers and treat them fairly.
Communications with clients: A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
Conflicts of interest: A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.
Customers: relationships of trust: A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.
Clients' assets: A firm must arrange adequate protection for clients' assets when it is responsible for them.
Relations with regulators: A firm must deal with its regulators in an open and cooperative way, and must disclose to the FSA appropriately anything relating to the firm of which the FSA would reasonably expect notice.
The cost of complying with the regulations may seem expensive
and some even see it as a lost cost,
however, if you fail to run your business compliantly due to ignorance, arrogance or some other reason be it personal, cultural or even political;
make sure you have plenty of spare cash in your savings account.
The FSA TCF initiative has been with the UK financial services world for many years and there are still areas that firms are missing about the whole idea. This guide helps identify the myths and provide sound steps and ideas for any firm to adopt and use in their strategy.
Risk Mitigation, when applied properly and effectively, will keep the likelihood of a S166 Skilled Person's Report ever being issued against your firm. Yet so often we see reports in "Final Notices" from the FCA that people risk and compliance managers didn't "understand" or "appreciate" the levels of risk they were courting, or they failed to properly notify the board of the issues and tried to stick their heads in the sand. A S166 is a costly business, and not only in the money charged by the Skilled Person, but also in management time, resources, staff liaison and assistance, printing, extra committee meetings, the list goes on.
Then there comes the Risk Mitigation Programme (RMP) that the regulator creates for the firm, a bespoke program to get things right. This, if not managed properly (and they often are not) can result in changes forced into the business but not understood by anyone; no culture change, and things reverting to normal within months after the completion.
To manage a S166 or RMP requires a project manager that fully understands not only the process, but also the inferences and interpretation of the regulators statements - to act on the spirit as well as the letter, and advise you accordingly.
A Tale of Two Situations - Recovery & Resolution Planning - UK FSACompliance Consultant
Following the demise of some of the most prestigious financial institutions in recent history, due to the recent financial crisis, issues concerning the recovery and resolution of banks and other significant financial institutions in the UK have been highlighted. Due to the enormous cost, both financial and reputational, of the increased need for public money to be used to support the largest “too big to fail” banks and others, the UK authorities have decided that they need to have better control over any possible future institution that falls upon hard times.
Recovery & Resolution plans need a great deal of work in setting them up and there are greater implications by having them, requiring careful management.
Call 0800 689 9 689 to arrange an initial discussion.
CEI Compliance is the UK's fastest growing risk & regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
UK Financial Services advertising rules for regulated firms can be a challenge. In this paper we discuss the use of social media and the traps to be aware of, making sure the rules are covered.
The Financial Services Authority (FSA) issue Final Notices whenever they have disciplined or censured a firm or individual for whatever reason.
The Principles are;
Integrity: A firm must conduct its business with integrity.
Skill, care and diligence: A firm must conduct its business with due skill, care and diligence.
Management and control: A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.
Financial prudence: A firm must maintain adequate financial resources.
Market conduct: A firm must observe proper standards of market conduct.
Customers' interest: A firm must pay due regard to the interests of its customers and treat them fairly.
Communications with clients: A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
Conflicts of interest: A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.
Customers: relationships of trust: A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.
Clients' assets: A firm must arrange adequate protection for clients' assets when it is responsible for them.
Relations with regulators: A firm must deal with its regulators in an open and cooperative way, and must disclose to the FSA appropriately anything relating to the firm of which the FSA would reasonably expect notice.
The cost of complying with the regulations may seem expensive
and some even see it as a lost cost,
however, if you fail to run your business compliantly due to ignorance, arrogance or some other reason be it personal, cultural or even political;
make sure you have plenty of spare cash in your savings account.
The FSA TCF initiative has been with the UK financial services world for many years and there are still areas that firms are missing about the whole idea. This guide helps identify the myths and provide sound steps and ideas for any firm to adopt and use in their strategy.
Risk Mitigation, when applied properly and effectively, will keep the likelihood of a S166 Skilled Person's Report ever being issued against your firm. Yet so often we see reports in "Final Notices" from the FCA that people risk and compliance managers didn't "understand" or "appreciate" the levels of risk they were courting, or they failed to properly notify the board of the issues and tried to stick their heads in the sand. A S166 is a costly business, and not only in the money charged by the Skilled Person, but also in management time, resources, staff liaison and assistance, printing, extra committee meetings, the list goes on.
Then there comes the Risk Mitigation Programme (RMP) that the regulator creates for the firm, a bespoke program to get things right. This, if not managed properly (and they often are not) can result in changes forced into the business but not understood by anyone; no culture change, and things reverting to normal within months after the completion.
To manage a S166 or RMP requires a project manager that fully understands not only the process, but also the inferences and interpretation of the regulators statements - to act on the spirit as well as the letter, and advise you accordingly.
A Tale of Two Situations - Recovery & Resolution Planning - UK FSACompliance Consultant
Following the demise of some of the most prestigious financial institutions in recent history, due to the recent financial crisis, issues concerning the recovery and resolution of banks and other significant financial institutions in the UK have been highlighted. Due to the enormous cost, both financial and reputational, of the increased need for public money to be used to support the largest “too big to fail” banks and others, the UK authorities have decided that they need to have better control over any possible future institution that falls upon hard times.
Recovery & Resolution plans need a great deal of work in setting them up and there are greater implications by having them, requiring careful management.
Call 0800 689 9 689 to arrange an initial discussion.
CEI Compliance is the UK's fastest growing risk & regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
UK Financial Services advertising rules for regulated firms can be a challenge. In this paper we discuss the use of social media and the traps to be aware of, making sure the rules are covered.
How Financial Services Firms Can Manage, Distribute and Reuse ContentEarthIntegrate
How can the financial services industry utilize the new areas of content marketing and social media, build new product growth and grow back reputation? How can big banks and boutique investment houses reach consumers with content software and marketing strategies in a heavily regulated arena?
http://earthintegrate.com/resources/
Social Media: UK FCA Guidance Consultation Summary & OpinionDominic Crosthwaite
Summary and opinion on the FCA Guidance Consultation called Social media and customer communications: The FCA’s supervisory approach to financial promotions in social media.
Covers the main implications including potential restrictions on use of short-form social media for financial promotions, opportunity to generate additional communication between customers, restrictions to non UK companies targeting UK consumers.
New Native Advertising Guidelines and What Steps You Need to TakeCMI_Compas
he Federal Trade Commission recently released two documents outlining their policies around the transparency of native advertising. As marketers it's important to understand and implement these new guidelines. Our newest POV explains
Video business continuity planning and disaster recoveryClive Bonny
7 minute summary with video link to assist business sustainability
https://youtu.be/DfZNCH30UqI
https://www.youtube.com/watch?v=HKD2qotq4WA#action=share
Unlock the secrets to crafting a winning Integrated Marketing Communications (IMC) strategy with our comprehensive guide. Learn the importance of brand consistency, how to define your target audience, choose the right communication channels, and develop a compelling content strategy. Dive into real-world IMC success stories and discover key metrics for evaluating performance. IM4U Digital Marketing Agency is here to help you navigate the complexities and ensure your brand leaves a lasting impact. Elevate your marketing game and achieve lasting success with our expert insights. #IMC #MarketingStrategy #BrandConsistency #DigitalMarketing
Tips to Create a Good Influencer Marketing B2B Campaign Strategy in 2023.pdfecommerce Trends
B2B influencer marketing is a form of online marketing strategy that is used by many companies to advertise their products among the social media followers of any influencer. These influencers are usually known for their personality, or even expertise in certain products and they can attract large audiences to their social media channels.
To read more also visit into this https://ecommercetrends.co/digital-marketing/b2b-influencer-marketing/
Embracing the Consumer Duty Imperative: A Comprehensive GuideRNayak3
With the Financial Conduct Authority introducing changes to its Consumer Duty regulations, this paper elucidates the implications and consequences of non-compliance.
Overview of Advertising ManagementNow onto the creative part---adv.docxMARRY7
Overview of Advertising Management
Now onto the creative part---advertising! The American Marketing Association (AMA) defines
advertising
as
The placement of announcements and persuasive messages in time or space purchased in any of the mass media by business firms, nonprofit organizations, government agencies, and individuals who seek to inform and/ or persuade members of a particular target market or audience about their products, services, organizations, or ideas ("Definition of Advertising," 2013, para. 86).
But before sketching out advertisements, we should understand that advertising plays important role in marketing communications and the business as a whole. Remember the
hierarchy of effects model
?
The steps in that model are awareness, knowledge, liking, preference, conviction, and purchase.
As mentioned, advertisers have to convince customers to travel through all six steps of a model in order to purchase the product.
The main functions of advertising reflect those
six steps
.
Advertising is needed to increase brand awareness or remind a customer of the brand (awareness), inform or communicate product information to the customer (knowledge), to influence or convince the customer that the brand meets his or her needs (liking and preference), and finally add value to the brand by increasing market share (conviction and purchase).
The
advertising management program
is the process of creating the advertising strategy, implement the strategy, and determine the effectiveness.
Overall, there are
three main steps
to the advertising management process: consider the company's goals and objectives as well as the established marketing communications objectives, determine the advertising strategy, implement the strategy, and measure the effectiveness.
In Week 4, we looked at setting marketing communications objectives along with budgeting.
Next, the advertising and marketing managers will determine the advertising strategy.
This includes creating the advertising messages (along with a creative brief) and selecting the preferred media for the advertisements.
Developing the advertising message will be discussed in Lecture #2 and Planning and Analysis of Advertising Media are the topics of the video presentation.
Before the advertising messages are created, the organization will have to determine who will complete that task.
Depending on the business, there are
three
options
: an in-house advertising department, a` la carte advertising, or an external advertising agency.
In-house advertising
is used by a few large companies that want to retain creative control over the message.
An in-house advertising department varies in size but usually includes researchers, creative talent, and media buyers.
The advantage of the in-house advertising departments is that the employees are part of the company's organization and are well versed in its mission and vision.
They could have immediate access to the developers of the product and have more .
Financial ads encompass promoting financial services through various channels to drive brand awareness, build trust, and increase sales. Strategies include multi-channel approaches, personalized content, and leveraging digital trends. Financial ads aim to engage audiences effectively and achieve marketing goals in the competitive financial industry.
This is the January 2016 issue of the Digital Marketing Report, published by the Joss Group (www.thejossgroup.com). The subscription cost is $399 US for 12 issues (one a month). The newsletter is for senior digital marketing professionals and the creative professionals who work with them.
Social Media, or website, one of the biggest questions people always ask is, to get onto Google page 1, or to get a good google ranking, what is the ideal length of things online. As things vary from URLs to blog posts, podacasts to videos the only answer is quite simply everything online should be long enough to convey the message and no longer. Social media posts are awash with way too much information and websites go overboard with cramming too much in, making for poor SEO and bad experiences, therefore not converting. Too much and it looks cheap. Too little and it doesn't raise interest. More details are at http://letstalksocialmedia.co
Most Employees Consider Their Private And Work Lives To Be Totally Separate, But Social Media and Social Networking Has Silently And Effectively Bridged That Gap And Blurred That Distinction.
No matter how “separate” a person’s social accounts may seem to be, there will ultimately be someone, somewhere that will link-up that person to your organisation or firm.
Social Media Policy Template http://wp.me/p4RKCt-5P
How Financial Services Firms Can Manage, Distribute and Reuse ContentEarthIntegrate
How can the financial services industry utilize the new areas of content marketing and social media, build new product growth and grow back reputation? How can big banks and boutique investment houses reach consumers with content software and marketing strategies in a heavily regulated arena?
http://earthintegrate.com/resources/
Social Media: UK FCA Guidance Consultation Summary & OpinionDominic Crosthwaite
Summary and opinion on the FCA Guidance Consultation called Social media and customer communications: The FCA’s supervisory approach to financial promotions in social media.
Covers the main implications including potential restrictions on use of short-form social media for financial promotions, opportunity to generate additional communication between customers, restrictions to non UK companies targeting UK consumers.
New Native Advertising Guidelines and What Steps You Need to TakeCMI_Compas
he Federal Trade Commission recently released two documents outlining their policies around the transparency of native advertising. As marketers it's important to understand and implement these new guidelines. Our newest POV explains
Video business continuity planning and disaster recoveryClive Bonny
7 minute summary with video link to assist business sustainability
https://youtu.be/DfZNCH30UqI
https://www.youtube.com/watch?v=HKD2qotq4WA#action=share
Unlock the secrets to crafting a winning Integrated Marketing Communications (IMC) strategy with our comprehensive guide. Learn the importance of brand consistency, how to define your target audience, choose the right communication channels, and develop a compelling content strategy. Dive into real-world IMC success stories and discover key metrics for evaluating performance. IM4U Digital Marketing Agency is here to help you navigate the complexities and ensure your brand leaves a lasting impact. Elevate your marketing game and achieve lasting success with our expert insights. #IMC #MarketingStrategy #BrandConsistency #DigitalMarketing
Tips to Create a Good Influencer Marketing B2B Campaign Strategy in 2023.pdfecommerce Trends
B2B influencer marketing is a form of online marketing strategy that is used by many companies to advertise their products among the social media followers of any influencer. These influencers are usually known for their personality, or even expertise in certain products and they can attract large audiences to their social media channels.
To read more also visit into this https://ecommercetrends.co/digital-marketing/b2b-influencer-marketing/
Embracing the Consumer Duty Imperative: A Comprehensive GuideRNayak3
With the Financial Conduct Authority introducing changes to its Consumer Duty regulations, this paper elucidates the implications and consequences of non-compliance.
Overview of Advertising ManagementNow onto the creative part---adv.docxMARRY7
Overview of Advertising Management
Now onto the creative part---advertising! The American Marketing Association (AMA) defines
advertising
as
The placement of announcements and persuasive messages in time or space purchased in any of the mass media by business firms, nonprofit organizations, government agencies, and individuals who seek to inform and/ or persuade members of a particular target market or audience about their products, services, organizations, or ideas ("Definition of Advertising," 2013, para. 86).
But before sketching out advertisements, we should understand that advertising plays important role in marketing communications and the business as a whole. Remember the
hierarchy of effects model
?
The steps in that model are awareness, knowledge, liking, preference, conviction, and purchase.
As mentioned, advertisers have to convince customers to travel through all six steps of a model in order to purchase the product.
The main functions of advertising reflect those
six steps
.
Advertising is needed to increase brand awareness or remind a customer of the brand (awareness), inform or communicate product information to the customer (knowledge), to influence or convince the customer that the brand meets his or her needs (liking and preference), and finally add value to the brand by increasing market share (conviction and purchase).
The
advertising management program
is the process of creating the advertising strategy, implement the strategy, and determine the effectiveness.
Overall, there are
three main steps
to the advertising management process: consider the company's goals and objectives as well as the established marketing communications objectives, determine the advertising strategy, implement the strategy, and measure the effectiveness.
In Week 4, we looked at setting marketing communications objectives along with budgeting.
Next, the advertising and marketing managers will determine the advertising strategy.
This includes creating the advertising messages (along with a creative brief) and selecting the preferred media for the advertisements.
Developing the advertising message will be discussed in Lecture #2 and Planning and Analysis of Advertising Media are the topics of the video presentation.
Before the advertising messages are created, the organization will have to determine who will complete that task.
Depending on the business, there are
three
options
: an in-house advertising department, a` la carte advertising, or an external advertising agency.
In-house advertising
is used by a few large companies that want to retain creative control over the message.
An in-house advertising department varies in size but usually includes researchers, creative talent, and media buyers.
The advantage of the in-house advertising departments is that the employees are part of the company's organization and are well versed in its mission and vision.
They could have immediate access to the developers of the product and have more .
Financial ads encompass promoting financial services through various channels to drive brand awareness, build trust, and increase sales. Strategies include multi-channel approaches, personalized content, and leveraging digital trends. Financial ads aim to engage audiences effectively and achieve marketing goals in the competitive financial industry.
This is the January 2016 issue of the Digital Marketing Report, published by the Joss Group (www.thejossgroup.com). The subscription cost is $399 US for 12 issues (one a month). The newsletter is for senior digital marketing professionals and the creative professionals who work with them.
Social Media, or website, one of the biggest questions people always ask is, to get onto Google page 1, or to get a good google ranking, what is the ideal length of things online. As things vary from URLs to blog posts, podacasts to videos the only answer is quite simply everything online should be long enough to convey the message and no longer. Social media posts are awash with way too much information and websites go overboard with cramming too much in, making for poor SEO and bad experiences, therefore not converting. Too much and it looks cheap. Too little and it doesn't raise interest. More details are at http://letstalksocialmedia.co
Most Employees Consider Their Private And Work Lives To Be Totally Separate, But Social Media and Social Networking Has Silently And Effectively Bridged That Gap And Blurred That Distinction.
No matter how “separate” a person’s social accounts may seem to be, there will ultimately be someone, somewhere that will link-up that person to your organisation or firm.
Social Media Policy Template http://wp.me/p4RKCt-5P
Alex is a Compliance Director who has a number of issues. He finds an affordable, professional and discrete answer to his regulatory problems with a niche consultant, Compliance Consultant (tel 020 7097 1434)
The UK Regulators (FCA/PRA) are introducing a revised Senior Manager's Regime, taking over from the existing Approved Person's regime in June 2015. This gives you a high level overview and next steps to take to ensure your firm is ready.
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.
Setting Conduct Risk Appetite. Assessing risk and identifying cultural driver...Compliance Consultant
Conduct Risk is sweeping the financial services world and catching many risk manager out as there is still a lack of understanding.
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.
Reducing regulatory capital by instigating risk management system and operati...Compliance Consultant
After assessing the risk management operation of a FTSE 100 company we soon identified that Operational Risk Management needed augmenting on their global risk framework. After 10 months work the savings were reflected in the reduction of regulatory capital requirements of over 18% (almost £100M).
Operational risk and risk management across multi-jurisdictions for internati...Compliance Consultant
A multi-jurisdictional banking group needed their Operational Risk Framework (designed by their parent company) to be rolled out and training given n risk reporting.
Increasing your chances of success by engaging with a niche consultancyCompliance Consultant
Fortunately, there are more positive alternatives to using a smaller consultancy compared to the Accentures, McKinseys or the big accountancy firms like Deloitte, E&Y etc. We not only consider that size doesn’t matter, but large size can actually be a disadvantage in meeting your needs.
The FSA published CP12/2 in January 2012setting out some of its proposals for changes to the considerable and substantive content of the Listing Rules; Prospectus Rules; and Disclosure Rules and Transparency Rules which it identified as being necessary for change to ensure that the operational effectiveness of the Listing Regime is maintained. The changes sought to ensure that the Rules properly reflect recent changes in contemporary market practices and so would allow the UK Listing Authority (UKLA) to continue to meet its objectives.
This consultation paper raised some wider issues concerning the nature of the premium listing standard and undertook, dependant upon responses, consideration to developing specific options or proposals for discussion in a further paper.
The Financial Services Authority (FSA) issue Final Notices whenever they have disciplined or censured a firm or individual for whatever reason.
In November 2012 the FSA imposed a £10.5 million fine on Card Protection Plan Limited (CPP) for the mis-selling of insurance products.
Whilst the details are interesting and obviously relevant to the company’s either ignorance or arrogance, the end result was due to a failure of the FSA Principles, a list of 11 time forged values that firms, even today still breach fairly consistently, and always at their cost.
Cp1230 FSA consultation paper summary: complaints against the regulatorsCompliance Consultant
This will be of interest to all firms and individuals that will come under the new UK regulators as regulated, registered or authorised.
Background
The FSA are currently required to make arrangements for the “investigation of complaints arising in connection with the exercise of, or failure to exercise, any of its functions (other than its legislative functions)” under the Financial Services and Markets Act 2000 (FSMA).
The latest version of the Financial Services Bill requires the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Bank of England to establish how they will investigate complaints against themselves.
The Bank of England and the Financial Services Authority (FSA) jointly published a 34-page Consultation Paper (CP) 12/30 entitled ‘Complaints against the regulators – (The Bank of England, Financial Conduct Authority and Prudential Regulation Authority)’, on 6 November 2012.
UCIS is an acronym for Unregulated Collective Investment Schemes and the term unregulated can lead to confusion with inexperienced investment advisers as well as clients.
Many perfectly normal and commonly understood Collective Investment Schemes (CIS) are sold to investors throughout the UK. These CIS are regulated and are authorised by the Financial Services Authority (FSA) or they may also be non-UK CIS that are recognised by the FSA. The official term of recognition enables overseas CIS to be marketed to the public in the UK and the FSA will only recognise an overseas scheme if certain specified criteria are met.
CIS are a type of pooled investment. This is an arrangement that enables a number of investors to 'pool' their assets and have these managed by an independent professional, such as a fund manager who will reduce risk by investing the pooled money in one or more types of asset. Most investment ‘funds’ are collective investment schemes.
Investments are often in gilts, bonds and quoted equities, but depending on the type of scheme can go further, such as into unquoted shares or property.
UK Financial Services are regularly visited by the FSA. The visit will include random interviews with fairly deep questions asked that, when taken as a whole, if they don't add up, will require further regulatory scrutiny.
We help companies prepare for these visits and explain what the FSA are looking for, how best to respond and how to keep up your end in a very intimidating process.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
For Professional Services Firms the rules of strategy setting are different. Without knowing the differences instantly sets your firm into a dilemma and causes untold damage to turnover and growth as well as individual partner/director career development.
The FSA have provided consolidated feedback on the proposals for Platforms and their use, disclosure, provider payments and cash back to consumers. Where do your thoughts take you on this emotive subject?
S166 Reports are often required by the regulator on a single or sometimes multiple subjects where they feel that the regulated firm may have shortcomings or failings.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
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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.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
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
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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1. 2011
Social Advertising
Financial Promotions
When is a Non-Advert an Advert?
June 2011
th
30 June 2010
Lee Werrell FInstSMM Chartered MCSI Cert PFS
CEI Compliance Consultancy
2. Introduction
The FSA have warned that Financial
services firms should pay particular
attention to their various social networking
and other internet communications including
iPhone apps to make sure that they stay up
to date and compliant with the FSA
handbooks
Problem
The FSA has studied the way that financial
services companies communicate to the
public and has found that some of
communication through new media
channels lacks compliance with its
safeguards.
The Rules
Financial Promotions rules are clearly
provided in Conduct of Business
Sourcebook (COBS) Chapter 4 and firms
must apply all the strict advertising rules
their formal communications are subject to,
strangely enough, use of Twitter, Facebook,
networking sites or message boards.
CEI Solutions
Solution 1
Contents Ensure that whenever you advertise on any
other “new media” communication channel,
Introduction 2
make sure that you do not include anything
other than “image” advertising content.
Problem 2
The Rules 2 Solution 2
CEI Solutions 2 If you are going to post anything on a
message board or Networking Site page,
Summary 3 ensure that it fulfills the requirements of the
FSA. See COBS 4, MCOBS 3 and don’t
forget ICOBS contains no exceptions for
image advertising.
Solution 3
If in doubt call us to look into your campaign
and the impact of the regulations.
3. Summary need to comply with all of the relevant
The safest way of using the new media is financial promotions rules.
to ensure you apply the specific financial
promotions rules with the fundamental The treatment of image advertising varies
starting point of clear, fair and not depending on which sourcebook applies.
misleading.
So whatever medium you use to spread the
The FSA call this “stand-alone word you need to consider the financial
compliance”. This describes their promotions rules in most cases as they
expectation that every financial promotion apply to your discipline. The FSA are
must comply with all of the relevant continuing to review and assess adverts
financial promotions rules. It is not across all media types and categories.
acceptable, for example, for any firm or However the message is clear from the
individual to purposely omit important risk regulator that they will take action against
information just because they intend to any firms that fail to produce stand-alone
give it later in the specific sales process. compliant financial promotions picked up
through their monitoring or thematic
What you have to consider about your reviews.
financial promotion is COBS 4.2.2, which
states "in a way that is appropriate and For the FSA Publication, please click here.
proportionate taking into account the
means of communication and the For a description of “Stand Alone
information the communication is Compliance” please click here.
intended to convey".
CEI is a financial services
It is unclear if you were to state your compliance specialist consultancy
company name on a tweet in Twitter and helping all sizes of firm; from IFAs to
added a link to your company website Investment banks, with their
whether this would be image advertising regulatory requirements and
or a standalone financial promotion using compliance challenges.
all 140 characters of that medium. It is
unlikely that the FSA would be particularly For help with any of your compliance
stringent or prescriptive in that area. issues, please call
0800 689 9 689
So what is Image Advertising?
Firms cannot assume that because a
communication is made using new media, Or email
it is an image advertisement and exempt
from the financial promotion rules. An
image advertisement only consists of the enquiry@ceicompliance.co.uk
name of the firm, a logo or other image
associated with the firm, a contact point
and a reference to the types of regulated
activities provided by the firm or to its fees
or commissions. When a communication
goes beyond the definition of image
advertising, no matter how well
intentioned or innocent it may seem, it will