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This chapter briefly describes the UK regulatory environment. One will observe that in the UK, there are numerous regulatory bodies besides the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) that cover financial services activities — the Pensions Regulator, for example, and the Takeover Panel. UK is a member of the European Union; therefore, the UK government must...
The five sections in this chapter give guidance on the main aspects of the compliance officer's world and explore various elements of compliance as a financial services discipline. The business of ‘compliance’, as a function, office or profession, is to find ways of identifying, managing and mitigating the compliance risks. In a financial services firm, compliance is the function of identifying relevant...
This chapter indicates that the compliance charter expands on the key concepts contained within the mission statement. It can be used to serve the dual purposes of promoting the services offered to the firm by the compliance department, while clearly defining the scope and limitations of the department's responsibilities and powers. To some extent, it can be considered a contract for services between...
In case one wants to be in a position to lead his/her firm successfully through the complexities of the compliance universe, then it is important to understand how the firm is placed. This chapter indicates that once one has determined the high level scope of one's responsibilities in the compliance charter he/she will then need to tackle the more detailed aspects of his/her environment. To do so...
This chapter provides direction on the type of basic standing data that one should have on the operating entities, business units and external services providers that fall within his/her remit. One must start making a list of all the operating entities within his/her group for which he/she has responsibility. For each entity that is significant to his/her responsibilities, he/she will want to keep...
When mapping regulatory universe one will have identified the regulators and other organizations and agencies that form a part of the environment within which his/her firm operates. It is essential to have a detailed knowledge of those organizations that have true rule‐making power and the ability to get a person into trouble if things go wrong. Such organizations identified in this chapter include...
For the majority of financial services firms' operating in the UK, Financial Services and Markets Act (FSMA) is the key piece of legislation. Other than that, there are many other laws that directly affect financial services activities, several of which impose some quite meaty penalties for non‐compliance. Applicable regulatory legislation falls into three broad categories: (a) Legislation designed...
This chapter emphasizes that one needs to have at least a basic understanding of the products and services offered by his/her firm. The requirements and expectations of the financial services consumer vary greatly and so does the product offering available. Inextricably linked with the firm's products, services and activities are the documents that establish what one party expects from the other and...
This chapter indicates that every employee, even a driver, messenger or temporary secretary needs to know not to act on price‐sensitive information, for example, or not to leave documents lying around in case client details get into the wrong hands. The heads of front and back office functions arguably need to be as familiar as one is with compliance requirements in their specific area. The compliance...
This chapter considers the routine activities and advisory work with which compliance officers are involved on a day‐to‐day basis. Routine activities constitute the foundation of the firm's compliance regime and while they are certainly not rocket‐science, one has to get them right: there is too much at stake with the regulators and in terms of a person's own reputation within the firm if one does...
Knowing what is likely to make things go wrong, and what happens when they do, does serve a very useful purpose. It is much better to achieve compliance through a collective wish to do the right thing than through a desire not to be thrown into jail. It might not be the best way to go about the business of ‘doing compliance’ but, if other methods have not worked, it can undoubtedly be a very useful...
The prelims comprise:
Epigraph
Title
Copyright
Contents
Acknowledgments
List of Abbreviations
Prefece to the First Edition
Foreword to the First Edition
Foreword to the Second Edition
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