This conference will ensure members are up-to-date on all the latest developments and give an insight into other regulatory trends on the horizon.
The brisk pace of regulatory change continues, as the FCA’s develops a broad range of initiatives focussing both on specific credit markets, as well as the industry as a whole.
The next 12 months will see firms finalise their plans for implementing the Senior Managers & Certification Regime (with a particular focus on conduct and culture), while also fully embedding the new affordability & creditworthiness rules. In addition, firms will be making changes following the FCA’s recent reviews of both the High Cost Credit and the Motor Finance markets – which could have implications for remuneration and commission structures across a number of different sectors. The FCA will also launch its new Vulnerability Guidance, setting out regulatory expectations of firms when assisting vulnerable customers and confirm whether a formal Duty of Care is also needed. With regard to supervision the FCA is already rolling-out its new Portfolio approach, outlining what action is required from firms with similar business models and products – and how this should be evidenced.
The scale of regulatory change required within firms is unprecedented, and at a time when many lenders are also making greater use of technology and exploring Open Banking. These will all require detailed project planning and implementation.
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