Breakfast Webinar 15th May 2020

Navigating FCA compliance during COVID-19 PLUS complimentary self assessment guide to all participants.  Make sure you know what you didn't know; gaining confidence to interact and challenge topics in this sector. Our webinar will cover:  Discussion around the Certification Regime (to be implemented in December 2020) and review of temporary rule changes affecting the SM&CR regime. Regulatory Changes – overview of key  upcoming rule changes Review of regulatory expectation under “Operational Resilience” Review of Information Security and ICO compliance during COVID-19 Temporary rule changes to CASS (Client Assets) Click here to book your space

This interactive breakfast webinar focuses on the FCA rules and regulatory expectations of a solo-regulated firm in the UK. We will focus on the updates to rules and guidance recently published by the FCA for the general insurance sector. We will walk you through a step by step guide of what you need to know, what you need to do and when. All participants will receive a complimentary self assessment guide. In the context of the pandemic, the webinar will explore how brokers could achieve a competitive edge, through automation and utilisation of MI; preparing for the life after the pandemic. This webinar is relevant to general insurance brokers/intermediaries, their insurers, and any other market participants. Joining instructions will be sent out shortly before the Zoom webinar begins and all participants will receive a copy of the presentation after the talk. Boston Tullis have teamed up with Roland Romata of RR Compliance Associates (RRCA) to deliver this engaging, need-to-know webinar. RRCA is a specialist compliance consultancy focusing on customer experience transformation projects, product development and development of FCA compliant governance and compliance framework; through the harnessing of information technology. RRCA's mission is to help the insurance industry improve the way they interact with customers across channels and improve their product/service offering in line with FCA expectations. Copyright © 2020 Boston Tullis, All rights reserved.

Criminal Finances Act 2017

New Corporate offences of failure to prevent the criminal facilitation of tax evasion was introduced by the Criminal Finances Act 2017.

This Act brings the risk of criminal liability to Firms of Financial Advisers not only as a result of their staff' actions, but also the actions of others with whom they are associated.

The Act created two criminal offences for a relevant body (ie Financial Adviser / Accountant / Solicitor etc) that fails to prevent the criminal facilitation of tax evasion by associated persons (ie clients).  The two offences are :

UK tax evasion

and

Evasion of foreign tax.


The Act focuses on who is held to account for acts that are contrary to current criminal law.  By focusing on on the failure to prevent the crimes of those who act for or on behalf of the business, rather than trying to attribute criminal acts to the Firm.

Firms need to understand this risk and undertake a review of their existing systems and controls. A timely risk assessment may identify areas requiring refinement - the policies and procedures in place may already minimize the risk of Staff facilitation fraud on behalf of a Client.


HMRC have published updated guidance - a copy may be found at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/672231/Tackling-tax-evasion-corporate-offences.pdf

Gibralter Based firms

Firms that operate out of Gibraltar and passport their Financial Services into the UK won’t need to use the Temporary Permissions regime post BREXIT. HM Govt and the Government of Gibraltar will develop a long term strategy to replace the current regime.

This means that Firms will be able to continue to operate as they do now post Brexit until 2020 – by which time the new arrangements will be in place.

Compliant Solutions Limited - experts in helping Financial Services Businesses deal with the business challenges of Financial Conduct Authority Compliance - for help contact ian@compliantsolutions.co.uk

or visit www.compliancetips.co.uk

Claims Management Companies - part three

•Threshold Conditions - Firms required to meet minimum 

  standards.

•1 Jan – 31 Mar 2019 – apply for temporary permission

•Application Period 1 – All Fin Ser CMC + Scotland only Firms (1 

  April – end May 2019)

•Application Period 2 – All other CMC – Personal injury / housing 

 disrepair (1 June – end July 2019)

•Brady review – preventing Phoenixing by defunct CMC

•6 / 12 Month timescale for approvals - complete / incomplete 

  applications.

The Consultation Paper published by the FCA is inviting comments by 22nd October 2018.

CMC that are currently Authorised by the Claims Management Regulator will need to reapply for authorisation.  

Solicitors that are currently authorised to carry out legal activities by the Solicitors Regulatory Authority will not need to apply and will continue to be regulated by the SRA.

Compliant Solutions Limited - experts in helping Financial Services Businesses deal with the business challenges of Financial Conduct Authority Compliance - for help contact ian@compliantsolutions.co.uk

or visit www.compliancetips.co.uk

Claims Management Firms - Part 2

Firms will also need to consider :

Financial Crime and Money Laundering Controls

Whistle blowing

Customers Best Interest Rule

Vulnerable Customers Policies

14 days cancellation rights (cooling off)

Reporting lead generators that not regulated

Annual return about important data CMC001

Change of Control : different approach – tell within 14 days (not s178)

Capital Adequacy : Lead Gen are solvent

Capital Adequacy : Class 1 CMC (turnover > £1M) £10,000, Class 2 £5,000 or fixed overheads requirement (which ever is the greater)

Plus extra £20,000 if holding Client Money

Compliant Solutions Limited - experts in helping Financial Services Businesses deal with the business challenges of Financial Conduct Authority Compliance - for help contact ian@compliantsolutions.co.uk

or visit www.compliancetips.co.uk

Claims Management Companies - part one

Key points to consider :

•The Financial Guidance and Claims Act 2018

•CP 18/15 – 264 pages 

•1 April 2019 – FCA takes over (subject to Parliamentary approval)

•New Rules to apply – pre sale; regular updates; clarity on fees; marketing; 

  disclosure of Ombudsman (free) services

•All calls will need to be recorded – 12 month  retention

•Capital resourses requirements

•Client Money controls – appoint a Person Accountable for Client Money

•Lead generation and Data Protection issues

•Complaints handling and Firms will be  subject to FOS


Compliant Solutions Limited

 - experts in helping Financial Services Businesses deal with the business challenges of Financial Conduct Authority Compliance - for help contact ian@compliantsolutions.co.uk


Or visit www.compliancetips.co.uk

Anti-Money Laundering Supervison

HM Treasury has published their Consultation outcome regarding Money Laundering Supervision.

The Office for Professional Body AML Supervision (OPBAS) Regulations will come into effect on 18 January 2018.   OPBAS will oversee the 22 Accountancy and Legal Professional Body AML supervisors in the UK and seek to achieve consistency.

This new body will be "hosted" by the Financial Conduct Authority - and will act as a means for HM Government to implement reforms to the anti money laundering and counter terrorist financing supervisory regime.

More details may be found at 

https://www.gov.uk/government/consultations/anti-money-laundering-supervisory-review/anti-money-laundering-supervisory-review-consultation

This is a further example of how HM Government are seeking ways to combat Financial Crime - and comes after the publication of  SI 2017 / 692 last year which set out the requirements placed upon Businesses to combat Money Laundering in the UK.

Compliant Solutions Limited - experts in helping Financial Services Businesses deal with the business challenges of Financial Conduct Authority Compliance - for help contact ian@compliantsolutions.co.uk