DORA vs FCA operational resilience: comparing the two regimes
DORA vs FCA operational resilience: comparing the two regimes UK financial services firms that operate across the UK and EU face two distinct but related operational resilience regulatory frameworks. The FCA’s operational resilience framework — established under Policy Statement PS21/3 and now fully in force …
Critical ICT third-party provider designation: what UK firms need to know
Critical ICT third-party provider designation: what UK firms need to know The Digital Operational Resilience Act introduces a new category of regulated entity in the EU financial services landscape: the Critical ICT Third-Party Provider. Designated CTPPs are subject to direct supervisory oversight by the European …
FCA impact tolerances: setting, testing and reviewing
FCA impact tolerances: setting, testing and reviewing An impact tolerance is the maximum disruption to an important business service that a firm is prepared to accept. Setting impact tolerances is the most technically demanding element of the FCA’s operational resilience framework under PS21/3 — it …
Important business services: how to identify them in practice
Important business services: how to identify them in practice The concept of the important business service sits at the centre of the FCA’s operational resilience framework. Under Policy Statement PS21/3, firms must identify the services they provide to external clients which, if disrupted, would cause …
The SMF18 oversight role: governance over CASS in practice
The SMF18 oversight role: governance over CASS in practice SMF18 — the Other Overall Responsibility function under the FCA’s Senior Managers and Certification Regime — is the catch-all senior manager designation that captures significant areas of a firm’s activity not allocated to one of the …
CASS audits in 2026: what FRC standards now require
CASS audits in 2026: what FRC standards now require The annual Client Assets audit is a statutory obligation for FCA-regulated investment firms that hold client money or custody assets. The audit is required under CASS 6.6 and CASS 7.15, must be conducted by an approved …
Hiring a Head of Regulatory Reporting: capability framework and salary benchmarks
Hiring a Head of Regulatory Reporting: capability framework and salary benchmarks The Head of Regulatory Reporting is one of the most technically demanding senior finance roles at an FCA-regulated firm. It combines deep knowledge of the applicable prudential framework — MIFIDPRU for investment firms, COREP …
Common RegData errors and how to avoid them in 2026
Common RegData errors and how to avoid them in 2026 The FCA’s RegData platform — which replaced Gabriel for regulatory return submissions in October 2022 — has been the submission vehicle for MIFIDPRU returns since the regime came into force in January 2022. Three years …
MIFIDPRU returns: what an investment firm’s Head of Regulatory Reporting owns
MIFIDPRU returns: what an investment firm’s Head of Regulatory Reporting owns The FCA’s prudential sourcebook for MiFID investment firms — MIFIDPRU — came into force in January 2022, replacing the Capital Requirements Directive and Regulation framework that had previously applied to non-systemic investment firms. For …
Quality vs quantity in SAR filing: what NCA reviewers look for
Quality vs quantity in SAR filing: what NCA reviewers look for The UK Financial Intelligence Unit received approximately 901,000 Suspicious Activity Reports in the 2022–23 reporting year. The volume of SARs filed by regulated firms has increased substantially over the past decade. The quality of …
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