The regulatory landscape never stays still, and this month has been no exception. From shaping the future of customer redress to addressing financial crime and improving operational resilience, the FCA has been busy setting clear expectations for firms. These updates are a reminder of the ever-growing importance of staying ahead in compliance while also delivering the best outcomes for customers.
Here’s a quick breakdown of this week’s most significant developments and how they might impact your business.
Have Your Say: Modernising the Customer Redress System
The FCA wants your input on how to improve the way the Financial Ombudsman Service handles complaints—especially mass complaints. They’re looking at how the system could be made more efficient, effective, and fit for the future.
This is a great opportunity to share your thoughts and help shape the way complaints are managed going forward.
👉 Find out more and share your views.
Bereavement Handling: FCA Pushes for Better Practices
Losing a loved one is hard enough, and the FCA has called on firms to step up their game when it comes to supporting bereaved customers. They’ve shared examples of best practices and reminded firms to handle these situations with care, empathy, and efficiency.
It’s a good moment for everyone to reflect on how their processes measure up and make improvements where needed.
👉 Check out the FCA’s recommendations.
Metro Bank Fined £16M for Financial Crime Failings
Metro Bank is facing a £16 million fine from the FCA for serious shortcomings in its financial crime controls. The regulator flagged issues with how the bank assessed risks and monitored transactions, which fell short of the standards expected.
This serves as a strong reminder to all firms to keep their financial crime prevention measures sharp and up to date.
👉 Read more about the fine and what it means.
FCA Emphasises Operational Resilience
The FCA is urging firms to bolster their operational resilience, with a regulatory deadline of March 2025 to ensure compliance. This includes identifying critical services, setting impact tolerances for disruptions, and testing systems to prepare for events like cyberattacks or system outages.
Recent incidents, such as the CrowdStrike outage in July 2024, have highlighted vulnerabilities in financial infrastructure, emphasising the need for proactive resilience planning. Firms must act now to address gaps, ensure robust recovery measures, and meet the FCA’s expectations for safeguarding consumers and market integrity.
👉 Learn more about operational resilience requirements here.
Need Support Staying on Top of Regulatory Change?
Keeping up with the latest regulatory developments can be a challenge, but you don’t have to do it alone. Our Adviser Support Services can help lighten the load. Whether you need support with investment research, paraplanning, or just want a partner to help you stay ahead, we’re here to help.
Get in touch today to learn how we can make your life easier.
Have a great weekend!