FCA Annual Public Meeting 2017
Julia Kirkland, Senior Partner at FSTP (one of Access Group's SME partners) recently attended the FCA Annual Public Meeting. FSTP is regulatory event veterans and one of the reasons we love working with them is because they really know their stuff and help to interpret the often complex and ever-changing landscape of governance, compliance, and regulatory topics. Here's Julia's key highlights and takeaways from the FCA meeting:
"What struck me yesterday at the QEII Centre, Westminster was the sheer number of representatives from firms. It was a point from one of the attendees who was a 'real' member of the public, who reminded the FCA and the firms attending that they have a duty of care to underlying customers".
Key highlights:
- John Griffith-Jones discussed that conduct has been the single most important issue for the last two years
- 'Conduct is on the map' and the new individual accountability regime introduced within the banking sector reaffirms this
- Although only a small minority, there are some badly behaving firms who continue to damage the reputation of others
- Prevention is better than cure. 155 final notices being published and 25 against individuals showing enforcement action is still required
- 1.4 million enquires received by FOS within the last year, 336 disputes reviewed and less than 50% upheld
- MiFID II continues, plus the extension of SMR with consultations likely to happen very soon and regional roadshows for firms to help with the transition
- Andrew Bailey's four biggest issues (FCA CEO):
- Brexit, especially relating to the Repel legislation
- Low-interest rates which are impacting debt and retirement saving
- Aging population and changes to the career market
- Technological changes having both positive and negative effects on savings and investment management
The meeting finished with a Q&A session, this covered a range of topics from FCA wages, to Brexit, to claims management companies. For the latter, the FCA is expecting claims management companies to be regulated from April 2019.
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