In Regulatory Wrap for the week to January 26, 2024, we explore how 2024 could see heavy regulatory focus on non-financial misconduct, and how the FCA is leading the charge when it comes to policing proper conduct.
In this Regulatory Wrap, we explore how 2024 could see heavy regulatory focus on non-financial misconduct, and how the Financial Conduct Authority (FCA) is leading the charge when it comes to policing proper conduct.
1. Throughout 2023, the FCA set out the importance of conduct and behavior via Therese Coffey’s ‘Do the Right Thing’ and Emily Shepperd’s ‘Cultural Evolution’ speeches
2. Now in 2024, the FCA continues to lead the charge around non-financial misconduct, centring it as a regulatory priority
3. Sarah Pritchard, Executive Director, Markets and Executive Director, International at the FCA, has confirmed the regulator will be intensifying efforts to tackle non-financial misconduct
4. Wholesale banks, insurers, and brokers will be required to provide data on the number of non-financial misconduct complaints at their firms, as well as methods of detection and resolution
5. Communications monitoring and surveillance used to be a ‘nice to have’ – but is becoming a ‘must have’ to meet increasing regulatory requirements
This Regulatory Wrap is brought to you by Global Relay’s Director, Regulatory Intelligence, Rob Mason.
With regulators like the FCA increasingly expecting firms to prioritize building compliance-first culture and tackling non-financial misconduct, an effective communications surveillance solution is becoming a business imperative.
