Non-financial risks have become at least as important, to both firms and regulators, as financial risks. This is mostly due to the importance of firms’ dependence on IT systems to operate their businesses but regulators (particularly the Financial Conduct Authority – the FCA) are also highlighting non-financial risks arising from newer regulatory topics, adding to […]
Tag Archives: FCA
New and emerging non-financial risks – Part 2: Not the technology-related non-financial risks
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Also tagged conduct risk, consumer duty, CP23/20, culture, D&I, diversity and inclusion, Financial Conduct Authority, financial exclusion, groupthink, non-financial misconduct, non-financial risks, retail customers, risk taxonomy, risks
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New and emerging non-financial risks – Part 1: Technology-related non-financial risks
Non-financial risks have become at least as important, to both firms and regulators, as financial risks. This is mostly due to the importance of firms’ dependence on IT systems to operate their businesses but regulators (particularly the Financial Conduct Authority – the FCA) are also highlighting non-financial risks arising from newer regulatory topics, adding to […]
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Also tagged AI, chatbot, concentration risk, contagion, Financial Conduct Authority, information security, machine-learning, model management, non-financial risks, operational resilience, regulators, technology risks
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Qualitative information and data-driven regulation
Both the Prudential Regulation Authority (the PRA) and the Financial Conduct Authority (the FCA) rely on data for supervisory purposes and Nikhil Rathi, Chief Executive of the FCA, has said that “Data is the lifeblood of a modern regulator and in the next five years, we expect to become as much a regulator of data […]
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Also tagged consumer duty, data, data analytics, data science, metrics, PRA, qualitative data, qualitative information, quantitative data, regulatory reporting, reporting
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PREPARING FOR A VISIT BY THE FCA
Visits by the Financial Conduct Authority (the FCA) aren’t as common as they were pre-Covid but they still take place, usually as part of a thematic or sector review. They can be in-person (at a firm’s offices) or take place remotely. They might involve interviews of senior staff (not necessarily SMR senior managers) but there’s […]
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Also tagged case review, case run-through, FCA visit, file review, file run-through
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PREPARING FOR SMF INTERVIEWS
I help a lot of applicants prepare for interview by the Prudential Regulation Authority (the PRA) and the Financial Conduct Authority (the FCA) as part of the senior management function approval process. Here are some points that might be helpful if you’re called for interview. 1 Check the application documents at least ten days before […]
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Also tagged interview, interview preparation, PRA, senior manager interview, SMF interview
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FCA STRATEGY FOR CONSUMER LENDING – DEAR CEO LETTER OF 20 MARCH 2024
In a Dear CEO letter issued on 20 March 2024[1], the Financial Conduct Authority set out its agenda for the next two years for three portfolios in the consumer lending market: high-cost lending; mainstream consumer lending; and credit unions. The FCA says that A significant part of our supervisory activity over the next two years […]
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Also tagged access to credit, affordability, boards, complaints-handling, consumer duty, consumer lending, consumers, cost of living, Dear CEO letter, governance, vulnerable customers
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