The FCA issues warning to banks over financial crime and AML failings

In a recent letter, the Financial Conduct Authority has warned retail banks about continuing weaknesses and failings surrounding their financial crime systems and controls. In the ‘dear CEO’ letter to banks, published in July, the FCA said they ‘’are disappointed to continue to identify, across some firms, several common weaknesses’’. The findings come as a […]

The Challenges of Compliance in 2021

2020 proved to be a rough year for the financial services industry, with the Covid-19 pandemic bringing with it new challenges and exposing shortcomings within the sector. In 2021, the pandemic has continued to change the way compliance functions operate within organisations; hybrid working policies becoming more prevalent, the increasing volume of regulatory change, and […]

FCA Trends: Growing Focus on Culture for FCA Regulated Firms

In the past, the FCA’s interest in organisational culture has largely been focused on preventing regulatory breaches, such as fraud and money laundering. However, there has been a noticeable trend towards wider cultural issues and the FCA’s role in changing the culture of the UK Financial Services industry to reflect national and global issues. Key […]