Compliance Digest - 15th December 2023
This is a summary of FCA activity this week and articles from various industry news feeds that are of interest to the advisory sector of the industry. Â
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This week we cover:
Financial Services & Markets Act 2023
Why you should simplify your CIP: reducing risks and growing your business
FCA welcomes the launch of industry code of conduct for ESG ratings and data products providers
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Financial Services & Markets Act 2023
The Financial Services & Markets Act 2023 (FSMA 2023) received Royal Assent on 29 June 2023. It makes significant changes to the framework for financial services regulation to reflect the UK’s position outside of the EU.  In addition to implementing the outcomes of the Future Regulatory Framework Review, FSMA 2023 seeks to enhance the UK’s position as a leading financial hub by reforming the capital markets regime, bringing stablecoins that are used as a form of payment into the scope of regulation and amending the objectives of the financial services regulators to include advancing the international competitiveness and medium to long-term growth of the UK economy. I have provided links to three documents:
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I had not covered the new Act in previous Blogs, and you may well have seen summaries at the time of Royal Assent. But in the downturn of business that happens at this time of year, you may have the opportunity to pick up on the salient themes that impact your business and may give you food for thought as you plan for 2024.
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Why you should simplify your CIP: reducing risks and growing your business
This webinar reminds you about the basic principles of simplicity and diversification for client portfolios, particularly when designing a CIP. There is an overarching commercial for Downing Fox, but I think there is a useful underlying message. The webinar is in this link.
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FCA welcomes the launch of industry code of conduct for ESG ratings and data products providers
The International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG) have launched a voluntary code of conduct for Environmental, Social and Governance (ESG) ratings and data products providers. A link to the FCA news release is here.
