Issue 10 2022

Issue 10 2022 9 Finally, during the CISI/Financial Planning Conference 2022, the FCA launched its Scamsmart campaign, which aims to help protect consumers from scams which deploy phishing and misdirection tactics. During her speech, Emily Sheppard also announced that the FCA too is adapting to better fit inherent changes to businesses and society in general: “At the FCA, we too are moving towards becoming a more innovative, more assertive and more adaptive regulator. The FCA is no longer the prescriptive organisation of the past and we recognise that there is no one size fits all. We are transforming into an organisation driven by outcomes and clear end goals that is investing in both data and people.” Daniel Layne, CEO and Founder of the fintech company, QV Systems, commented: “The change from a prescriptive to principles-based, and then ultimately outcomes-based approach, will ensure that firms can no longer hide behind a ‘tick box’ approach to business operations, making it a positive move from a consumer perspective, and one which should connect them with a better level of service from their financial service providers. “For firms, however, it does make regulatory compliance a more complex, costly and less certain exercise - as well as arguably offering a broader target for CMCs. On balance though, we would support the direction of travel as a further defence against consumer harm.” Khalid Talukder, Co-founder for financial services firm, DKK Partners, comments: “For a long time the FCA have been playing catch up to the FinTech sector, which has really impacted the scalability of these firm. “For too long the regulatory landscape has been out of sync with modern day technology and the demands of digital banking, but it’s finally pleasing to see the FCA take appropriate action to ensure this gap is closed. This, in turn, could turbo charge the next generation of financial services firms.” Jul22072 FCA Commits to More Agile and Efficient Regulatory Processes, to Better Support Firms During Challenging Times Last week, Emily Sheppard, the Chief Operating Officer and Executive Director for the Financial Conduct Authority (FCA), made a speech at the CISI/Financial Planning Conference 2022, held in Liverpool, where she committed to improving the agility and efficiency of regulatory processes facing UK firms. During their speech, Sheppard committed to new investment in technology, starting with automated application forms that seek to ensure the applications they receive are complete, saving time and resources for both the FCA and firms. Emily Sheppard also announced that they are placing more firms that gain authorisation into the early and high growth oversight programme, which is where they give firms that are new to regulation extra help with navigating the rules from the start. Furthermore, Sheppard referenced the forthcoming Consumer Duty act, praising it as a positive change that will enable firms to put their customers’ needs first and deliver good outcomes, which should help them hold on to customers during challenging times.