- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-07-30T19:11:00
The U.K. Financial Conduct Authority (FCA) is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.
Last year, consumer duty obligations took effect for U.K. financial services firms, setting higher standards of consumer protection for customers buying financial products and services.
The FCA has launched a review and would like to hear from member firms about which FCA rules can be removed or reduced because they overlap with the consumer duty rule. The goal is to reduce burdens and promote growth, the agency said.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.
The U.K. Financial Conduct Authority reemphasized its desire to work with Big Tech firms to examine how their data might be useful to the financial industry.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
