In the third episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Helen Chan and Mike Cowan to consider the evolving supervisory approach to conduct risk which is a feature of a principles-based approach to financial services regulation and is seeking to ensure that firms put, and are seen to put, the customer first.
Firms need to be aware that many regulators around the world are trying to stamp out a tick-box and overly legalistic approach to compliance together with the issues that come from complying with only the letter (rather than the spirit) of the rulebook.
Links to content referenced in the discussion:
UK Financial Conduct Authority (FCA) new consumer duty to drive ‘fundamental shift’ in mindset
https://www.fca.org.uk/news/press-releases/fca-introduce-new-consumer-duty-drive-fundamental-shift-industry-mindset
FCA five conduct risk questions for firms https://www.fca.org.uk/firms/5-conduct-questions-programme
Impact Analysis: https://www.linkedin.com/posts/helenhchan_sfc-complaints-handling-compliance-deficiencies-activity-6935401566321418240-M-5R?utm_source=linkedin_share&utm_medium=member_desktop_web
Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
