Episode 63: Regulatory update: FCA's clear verdict – why firms are still missing the mark

David Morrey and Ben Farmer dive into the latest key regulatory updates.

Consumer Duty

The FCA's thematic review 24/2 on product governance and its implications for the market, including the importance of firms adhering to product governance rules and the FCA's expectations around product reviews, fair value assessments, and the need for firms to provide evidence to support their conclusions. There is also similar feedback on Consumer Duty outcomes monitoring.

Audit firms' fines

Recent actions taken by the FCA against audit firms, specifically fines imposed on PwC and McIntyre Hudson for failings in their audits of Wealth Tech and London Capital and Finance plc, respectively. This conversation underscored the regulatory expectations and consequences for audit firms failing to detect or report fraudulent activities.

 

Financial Regulators Complaints Commissioner

A case reviewed by the Financial Regulators Complaints Commissioner involving a firm's complaint about the FCA's handling of a Voluntary Requirement (VREQ). The case highlighted issues with the FCA's communication and process around VREQs, leading to recommendations for the FCA to develop better guidance and processes.

 

Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here. 

 

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