In Regulatory Wrap for the week to October 10, Jay Hampshire summarizes the FCA’s recent speech encouraging collaboration to fight financial crime.
In this week’s Regulatory Wrap, we unpack a speech from the Financial Conduct Authority’s (FCA) Executive Director of Enforcement and Market Oversight, Therese Chambers, in which she underlines collaboration as a key factor to fight financial crime.
1. Chambers stated that financial crime is just as much of a market issue as it is a criminal issue, therefore, fighting it is a growth strategy
2. By making financial crime deterrence a priority, firms can benefit themselves and the wider market
3. Compliance investment can help save firms money and boost market confidence by aiding in prevention, supporting proportionality, and boosting collaboration
4. Chambers underscored the FCA’s expectation that firms “do the right thing,” making clear that the regulator will work with firms that are proactive and cooperative
5. While compliance may be an investment, noncompliance will cost firms more in the long run by leading to financial and reputational loss
This week’s Regulatory Wrap is brought to you by Global Relay’s Senior Content Writer, Jay Hampshire.
As financial crime becomes a focus worldwide, firms that join forces with regulators to monitor and report misconduct will more effectively protect market integrity – and themselves.
