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FCA's Approach to Supervision Guide - Register to download your copy

Financial services regulatory compliance

Financial services regulation has presented and will continue to present major challenges and opportunities to all financial services firms. What was once a local issue is also now global, gaining in complexity, constantly evolving and impacting every business and customer driven activity within regulated firms. Regulatory risk and compliance is now firmly on the radar of senior management and the board. Non-compliance is costly and disruptive, with the regulators demonstrating that there are meaningful consequences to any non-compliance or failure to demonstrate ‘good’ consumer and market outcomes.

Eversheds’ financial services regulatory consulting team forms part of a global multi-disciplinary financial services regulatory and compliance group that includes consultants, leading lawyers, former regulators and experienced governance, risk and compliance practitioners. Our team is aligned to key industry sectors including asset management, retail and wholesale banking, wealth management, general insurance, life insurance, London markets, consumer finance and private equity sectors.

We are one of a small number of law firms appointed to the FCA’s skilled persons’ panel to undertake s166 skilled person reviews. The areas we can act for firms in respect of Skilled Persons work include “Lot 4” Governance, Controls and Risk frameworks, “Lot 5” Conduct of Business and “Lot 7” Financial Crime. We have also been involved in investigations and s166 skilled person reviews relating to issues such as PPI, LIBOR, client assets, Conduct of Business (“COBS”), financial crime, mis-selling, reviews of compliance functions and governance.

The supervisory model adopted by the FCA in 2014 was a significant departure from the previous ARROW model and the focus now is on looking at business and group financials to understand how firms generate their profit, and whether the business model poses a significant risk to consumers. As a result the FCA focuses on five main areas:

  • Business model and strategy
  • Culture
  • Front line business processes
  • Systems and controls
  • Governance

As a leading provider of regulatory and compliance consultancy services, Eversheds is able to help you navigate the various challenges of financial services compliance. Our people have a clear focus on helping firms achieve their desired outcomes. We partner with our clients and this, together with our pragmatic, hands on approach, ensures we achieve the best results for our clients, their staff and their customers.

Whistleblowing

New whistleblowing rules in the financial services sector

A consultation exercise by the Financial Conduct Authority and Prudential Regulation Authority in 2015 specifically highlighted encouraging whistleblowers to raise the alarm as a powerful tool for identifying wrongdoing.

View our whistleblowing brochure.

FCA's Approach to Supervision Guide

FCA's Approach to Supervision guide

Our FCA's Approach to Supervision guide takes you through the different elements of the FCA’s supervision model and explains the areas of focus for the FCA..

Register to download our FCA's Approach to Supervision guide.

Contact us

David Saunders, Partner

SMR Hub