SMF17 MLRO: Career Path and What Firms Look For
The Money Laundering Reporting Officer is one of the few roles where an individual is personally named as accountable for a whole regulatory framework. At FCA-regulated firms holding investment permissions the role is SMF17 — a senior management function requiring pre-approval. This article sets out …
CRO Career Progression: From Risk Manager to SMF4
Chief Risk Officer is one of the most consequential appointments a regulated firm makes, and at most firms it is a controlled function — SMF4, the Chief Risk function under the Senior Managers and Certification Regime. This article sets out the realistic route from risk …
What Boards Look for in a CFO at an FCA Firm
What Boards Look for in a CFO at an FCA-Regulated Firm Hiring a CFO for an FCA-regulated firm is not the same as hiring one for an unregulated business. The financial leadership requirements are all still there — but layered on top is a set …
How to Become a Head of Compliance at an FCA Firm
Head of Compliance is one of the most consequential roles in a regulated firm — and at most firms it is a controlled function, the FCA’s SMF16 Compliance Oversight role, carrying personal accountability under the Senior Managers and Certification Regime. This article sets out the …
Debt Collection Compliance Under CONC
Debt Collection Compliance Under CONC: Treating Customers Fairly How a firm treats customers who fall behind is one of the most closely watched areas of consumer-credit conduct. The rules sit largely in CONC 7 of the FCA Handbook, which governs arrears, default and recovery, and …
CONC and Consumer Duty: How the Regimes Interact
CONC and Consumer Duty: How the Two Regimes Interact Consumer-credit firms have lived with the Consumer Credit sourcebook (CONC) for years. Since it came fully into force, they have also had to meet the Consumer Duty. The two are not alternatives, and they are not …
CONC Creditworthiness Assessments in Practice
CONC Creditworthiness Assessments in Practice: What Lenders Must Do Few areas of consumer-credit regulation have generated more remediation, complaints and enforcement attention than affordability. The rules sit in CONC 5.2A of the FCA Handbook, and while they are principles-based rather than prescriptive, getting them wrong …
The Financial Promotions Compliance Role: Skills and Career Path
The Financial Promotions Compliance Role: Skills and Career Path As the FCA’s scrutiny of financial promotions has intensified, the people who manage them have become more important — and more sought after. Financial promotions compliance has evolved from a sign-off task tacked onto a broader …
Financial Promotions Record Keeping: What the FCA Expects
Financial Promotions Record Keeping: What the FCA Expects A compliant financial promotion that cannot be evidenced is, from a supervisory perspective, almost as exposed as a non-compliant one. The FCA expects firms not only to communicate promotions that are fair, clear and not misleading, but …
AR Financial Promotions: Managing Principal Firm Liability
AR Financial Promotions: Managing Principal Firm Liability The appointed representative model lets an unauthorised firm conduct regulated business under the umbrella of an authorised principal. It is a long-established feature of UK financial services, and it carries a feature that catches some principals out: the …
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