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FCA CP24/20: Diversifying Balances to Mitigate Risk and Enhance Compliance Regulatory Change Diversifying Balances to Mitigate Risk and Enhance Compliance The article highlights FCA safeguarding updates, requiring firms to diversify balances to mitigate risk and enhance compliance. It emphasizes due diligence, operational redesign, and robust documentation to meet CASS 15 regulations and adapt to increased FCA scrutiny. Regulatory Change FCA Introduces Stricter Due Diligence Rules for Payment and E-Money Firms that Safeguard Client Assets The FCA introduces stricter due diligence rules under CP24/20, requiring Payment Service and E-Money firms to enhance oversight of third-party institutions holding client assets. These rules focus on risk assessment, segregation, monitoring, and transparency. Grath’s GRC platform helps firms comply by streamlining due diligence, automating reconciliations, and improving efficiency to safeguard assets and meet regulatory standards. Regulatory Change Robust Regulation is Here To Stay: A New Era for Payment Firms Today marks the launch of our new series called ‘The FCA’s new agenda for safeguarding: 10 key takeaways for Payment and E-Money firms’. In the coming weeks, our COO Paul Wood will continue to outline the main areas firms need to address to meet the safeguarding requirements in the CP24/20 regime.
Regulatory Change FCA CP24/20 Consultation Paper After much anticipation, the FCA has released the long-awaited CP24/20 consultation paper on changes to the Safeguarding Regime - “Changes to the safeguarding regime for payments and e-money firms”. Regulatory Change Consumer Duty | Part 2 | Products & Services 💷😊 Continuing our Consumer Duty insight series, in part 2, Grath considers how firms can appropriately apply technology to the “four outcomes” and, in particular, how the product and service outcome can benefit from technology solutions.

 Continuing Consumer Duty insight series Regulatory Change Consumer Duty | Part 1 | Consumer Understanding 💷😊 In a 5 part series, Grath examines how firms can leverage technology to ensure customers’ financial needs are met and improve their financial wellbeing under the new consumer duty principle, particularly in the context of the four outcomes:

• Consumer understanding
• Products and services
• Price and value
• Consumer support

 Continuing Consumer Duty insight series Regulatory Change The Outlook for UK Financial Services Firms in 2024 🗓️ A view of the dynamic regulatory landscape facing UK financial services firms in 2024 through Grath's lens, with a look back at insights from 2023.

We dive into key topics such as Consumer Duty, Operational Resilience, and Technology Risk, gaining a valuable perspective on how financial services firms are adapting to evolving regulations and leveraging technology to ensure consumer satisfaction and operational robustness.
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Continuing Consumer Duty insight series Regulatory Change Regulator raises concerns across payment sector firms 🔔 Following the Consumer Duty implementation letter in February, payment and e-money firms have received a “Dear CEO” letter that describes the risks of harm and the expectations on firms, along with what the FCA will be doing to reduce the level of harm within this sector.

With the industry under ever increasing regulatory focus, we have put the implications of the latest FCA supervisory correspondence letter under the microscope. Continuing Consumer Duty insight series Regulatory Change Safeguarding arrangements – Payment Service Providers (PSP’s) 🔒 The Payments industry has seen unprecedented growth in recent times as the UK continues to bolster its reputation as a global centre for financial technology.
 Continuing Consumer Duty insight series Regulatory Change Future Regulatory Framework Review (FRF) 📝 The FCA is seeking views from the industry on the regulatory change that may help the UK Asset management industry – to innovate, better support investors and boost competition. Regulatory Change FCA Authorisation & Variation of Permissions – Work with Grath to accelerate your regulatory applications 👌 Regulatory Change ESG – 2023 objectives and next steps 🌳👨💡 During 2022, the industry witnessed major focus and legislative reforms that set the framework, foundations, and future direction for the environmental, social, and governance (ESG) landscape. This trend is set to continue with gusto through 2023 and beyond.
Continuing Consumer Duty insight series Regulatory Change PS22/11 – Improvements to the Appointed Representatives Regime 📄 The FCA recently issued their policy statement PS22/11 setting out the enhanced Appointed Representatives (AR) regime and rules for firms to comply with. These came into effect on 8 December 2022 following a four-month implementation period with a further period of transitional arrangements to allow firms more time to comply with some of the new rules, particularly those requiring them to submit information on an on-going basis and to review their ARs and self-assess annually. Continuing Consumer Duty insight series Regulatory Change Time to wind down? Get Planning and Governance right Following its Thematic Review the FCA identified that many firms’ WDPs and risk management frameworks remained at an early stage of maturity, We take a look at the work that can be done to bridge the gaps and meet the expectations of the regulator. Appointed Representatives: FCA signals a stronger governance requirement Regulatory Change Appointed Representatives: FCA signals a stronger governance requirement A closer look at the December AR deadline and supporting policy statement.
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