Andrew Bailey said in a key speech last year: “The FCA is an exciting place to be, the challenges come thick and fast”. The same can certainly be said of the FS sector in 2018.
There’s increasing demand for best practices, codes of conduct and self-regulatory frameworks to be developed. And there are signs that the sector is responding.
Identifying additional challenges for KYC and terrorist finance prevention in non-face-to-face / online channels.
Regulatory requirements to be met before a financial institution can outsource any function have been made more stringent
The updated FAQs are primarily aimed at UK based financial institutions re-locating in the context of Brexit but may also impact others.
Reported valuations of cryptocurrencies and digital assets are on the rise. With cryptocurrency investors entering into unsecured and/or secured financing, the risks attached to this trend are noteworthy.