During mid-2017, a thematic review was undertaken on the financial crime governance, risk and compliance frameworks of a selection of smaller firms in the trust and corporate service provider sector (“TCSP”). The Commission undertook a similar review of fund administrators in 2016 and wished to assess the differences and similarities in approach to governance, risk […]

The Financial Stability Board (FSB) has published a peer review of the implementation of the G20/Organisation for Economic Co-operation and Development (OECD) principles of corporate governance for publicly listed, regulated financial institutions. The peer review found that all FSB member jurisdictions have a comprehensive corporate governance framework, but that the effectiveness of those frameworks could […]

The FCA has published a thematic review on how firms deal with complaints and providing recommendations on how the process can be improved. The review entailed assessing the complaints handling systems at 15 major firms, identifying areas for improvement and discussing the findings at an FCA-chaired working group. The FCA found that some firms have […]

The FCA has published a report of the findings from its thematic review of conflicts of interest and intermediary remuneration in commercial insurance intermediaries (TR14/9). The FCA found that: inherent conflicts within insurance intermediaries are not being properly managed. In some firms, the control framework and management information (MI) have not developed at the same […]

The FCA has published a report summarising the thematic work it has conducted on the unit-linked fund sector (TR13/8). Unit-linked funds are a type of pooled investment offered by insurance companies through their life or pension policies. The FCA carried out this work to check that insurers operating in the unit-linked market were meeting the […]

Thematic Review During a speech on 2 July 2013, Simon Green, Head of General Insurance and Protection at the FCA, announced the launch of a Thematic Review into how general insurance brokers handle potential conflicts of interest between insurers and customers. A Thematic Review is a study by the regulator of a particular product, practice, […]

The FCA has published a report based on a thematic review on “Banks’ control of financial crime risks in trade finance”. This report sets out the FCA’s recent thematic review and describes how banks in the UK control money laundering, terrorist financing and sanctions risks in trade finance business. Following the thematic review the FCA’s […]