In Regulatory Wrap for the week to October 31, Jay Hampshire breaks down a speech from the FCA, which reinforces its “do the right thing” motto.
In this week’s Regulatory Wrap, we review a speech from the FCA, which recalls previous messaging encouraging firms to make “doing the right thing” a standard, such as by taking steps to cooperate with regulators.
1. The FCA’s joint executive director of enforcement and market oversight, Therse Chambers, gave a speech that called back to previous regulatory messaging, which urged firms to “do the right thing” in upholding compliance standards
2. Chambers expressed that “doing the right thing” shouldn’t be a slogan, but a standard that supports every decision, response, and relationship – whether someone is watching or not
3. She also referenced the increasing focus on the benefits of cooperation, stating that the FCA will also recognize firms’ efforts to mitigate through collaboration with the regulator
4. The speech highlighted that good compliance could save money by equipping firms with the tools they need to avoid penalties
5. Chambers stated that the FCA will take action against those who fail to cooperate and do their part in overseeing compliance
This week’s Regulatory Wrap is brought to you by Global Relay’s Senior Content Writer, Jay Hampshire.
Firms that make “doing the right thing” a standard by cooperating and investing in compliance will be well-positioned to maintain regulatory expectations.
