Get to grips with complex regulation and protect you and your firm from regulatory failures

The buying public’s confidence in the Financial Services industry was shattered by a series of scandals that emerged during the ‘noughties’. As a result, Governments have introduced comprehensive and radical regulation as a way of rebuilding trust.

For small businesses the scope of the new rules can seem daunting, and for new staff in the sector it’s hard to know where to begin.

But poor compliance causes more than just a regulatory headache. It can ruin a firm’s reputation, devastate its balance sheet and cause untold harm to consumers. Breaking the rules can also lead to personal liability (at all levels in the firm).

Get expert guidance on:

• The UK’s regulatory structure
• The Senior Managers and Certification Regime (SM&CR)
• The Conduct of Business rules (Tiers 1 and 2)
• Financial crime issues including anti-money laundering and bribery
• Changes to the Client Assets Sourcebook
• Complaints and redress procedures

This practical course is of particular value to new starters in the insurance sector, or those who simply wish to extend their understanding of this important aspect of professional life.

The Course Agenda

The structure of regulation

• An introduction to regulation
• The Financial Services and Markets Act 2000
• The FCA and PRA
• Regulated activities and insurance
• An overview of the principles for businesses
• Senior management systems and controls

Authorisation

• Understand the routes to authorisation
• Learn who can be excluded from authorisation

The FCA’s approach to regulation

• Statutory and operational objectives

SM&CR

• What is SM&CR?
• What is the Fit and Proper Test?
• How do the approval and certification processes work?
• Performing controlled functions

Conduct of Business rules

• An introduction to client categorisation
• Understanding inducements
• Rules regarding financial promotions
• Assessing demands and needs

Client money rules

• The Client Assets Sourcebook (CASS)
• Accountability and record-keeping

Financial rules

• Meeting prudential standards
• The EU’s Capital Requirements Directives

Complaints, enforcement and redress

• What is a complaint?
• Understanding procedures and timescales
• The Financial Services Compensation Scheme
• The Financial Services Ombudsman
• Penalties

Money laundering

• What is money laundering?
• Legislation and offences
• Carrying out due diligence

Recent developments

• Expert guidance on the latest announcements, consultation papers and enforcement