In Regulatory Wrap for the week to August 18, Jennie Clarke discusses recent FCA survey results, which found that firms are still grappling with off-channel comms violations.
In this week’s Regulatory Wrap, we dissect the findings of a survey issued by the Financial Conduct Authority (FCA) on off-channel communications, which found 178 communications compliance policy breaches at 11 firms – with nearly half committed by senior leaders.
1. An FCA survey found 178 communications compliance policy breaches at 11 wholesale banks over the past 12 months, and of these breaches, 41% came from senior staff
2. The breaches violated the banks’ communications compliance policies, which restricted the use of channels like WhatsApp and Signal
3. The FCA found that U.K. banks are introducing more policies to monitor communications, such as establishing guidelines on the use of smart watches and issuing brightly colored mobile devices to employees
4. Firms are beginning to extend surveillance efforts and utilize AI technologies to capture modern communications features like emojis, GIFs, and voice notes
5. FCA executive director of markets, Simon Walls, advised firms that bad actors could be attempting to avoid certain channels to evade monitoring
This week’s Regulatory wrap is brought to you by Global Relay’s Head of Content, Jennifer Clarke.
In response to the results of its survey on off-channel communications violations, the FCA has sent a strong message to firms – there’s no room for complacency in communications compliance.
