2017 is likely to go down in compliance history as one of the most gruelling (and exhausting) years for compliance professionals across the breadth of the industry. But it’s not over yet! We recommend you get some well-earned rest over the Christmas break, if you can, as the regulatory and compliance demands are unlikely to ease off, with the raft of regulatory change on the horizon in 2018.
Here at TCC we are committed to keeping you abreast of all the latest regulatory changes and developments and regularly provide you with our guidance, top tips and analysis of what’s going on in the word of regulation. We take a look at the top five most-read articles from this year, shedding some light on your principle concerns and areas of interest:
1. Decoding the FCA business plan 2017/18
Out in first place as the most read article of 2017 is our analysis of the FCA’s Business Plan. This year’s Business Plan was one of the clearest to date and set out the themes for the year ahead, many of which we have seen crop up time and time again. Vulnerability was a consistent theme, and we have since seen the FCA publish a series of papers on the subject, setting out its prioritisation of the vulnerable for the years to come. In addition, we saw much focus on competition, culture and governance – areas we have seen the FCA and our experts wax lyrical over the past few months. Finally, the risks and rewards of technology played a big role in the Business Plan, a theme that the FCA and the Government in general seems most concerned with as technology advances swifter than ever.
2. Balancing the competing objectives of MiFID II and GDPR
MiFID II and GDPR have been playing on the minds of our clients throughout 2017 and earlier in the year we had many conversations with firms about what appeared to be the competing objectives of the two pieces of legislation, particularly around data collection, retention and usage. To help our clients, we published a very popular article which demystified the requirements and set the record straight on what was expected.
3. MiFID II: Meeting FCA expectations on product governance
Hot on the heels of GDPR and MiFID II conflicts were the product governance requirements of MiFID II. In this article, our regulatory experts espouse the importance of culture in achieving an effective product governance model. We also recommended you establish multi-disciplinary project teams, conduct a gap analysis and examine products old and new. With the MiFID II deadline just around the corner, it’s worth a recap just to see if you’ve missed anything.
4. GDPR FAQs
We’ve spent the last year helping a number of clients prepare for the incoming General Data Protection Regulations (GDPR) and along the way have come across many of the same questions and misconceptions. These questions, and those asked in our well attended webinar, were answered in our popular frequently asked questions document, published in September. If you missed it, download it for our GDPR specialist’s recommendations and guidance on commonly confused topics.
5. FCA’s Future approach to consumers: key take-aways
With the FCA’s Future Approach to Consumers hot off the press, TCC’s regulatory experts did not hesitate to bring you the key take-aways from the very long paper. The key message is that the FCA has limited resources and will therefore focus more of its attention on those it deems to be vulnerable. This is still highly relevant, so take a look at all 10 take-aways for a quick overview of all you need to know about the paper.
We’d like to take this opportunity to wish you a very Merry Christmas and a fantastic New Year. Don’t forget to join us again in January where we’ll be focusing more on upcoming regulatory change, with a core focus on SMCR, Vulnerable Customers and GDPR!