A Comprehensive Guide to UK Financial Services Regulation and Compliance

Part One Overview

• This financial services compliance training begins by exploring the evolving scope of regulated activities and the regulator

• FPC, PRA & FCA

• The role of compliance

• Three lines of Defence model – plus one!

• The handbook - FCA & Rulebook – PRA

• The FCA “Outcomes” approach

• The General Principles for Business – Including Principle 12 introduced in 2023

• Types of regulated firms

• Types of regulation

• ESG Overview

Core Elements of the Present Regulation and Compliance Framework

• The Financial Industry Compliance Services and Markets Act 2000, as amended

• The Money Laundering Directives

• The regulatory structure

• The role of the Financial Conduct Authority (FCA)

• Annexe 1 Firms

• The role of the Prudential Regulatory Authority (PRA)

• Rules-Based versus Principles-Based Regulation and Compliance

• Case Study/Example

Money Laundering Regulations & Financial Crime Compliance

• UK financial regulation training explores the main provisions

• Changes during each amendment

• 4th, 5th & 6th Money Laundering Regulations Directives

• General risk assessment

• Sanctions – Ukraine conflict additions

• Risk mitigation policies

• Level of due diligence

• Reliance on third parties

• PEPs

• This section includes an in-depth case study/example

European and International Influence on Regulation & Compliance

• MiFID II highlights

• The European regulatory structure

• The implementation and impact of EU Directives

• Significant EU directives

• Global regulatory influences

• Proposed changes and their potential impact

Overview of the FCA’s Handbook and the Regulatory and Compliance Approach

• High-level standards

• Principles for Businesses / The Fundamental Rules

• Senior management arrangements, systems and controls

• Training and Competence Sourcebook

• Business standards

• Conduct of Business Sourcebook (COBS): Structure of handbook

• Topical issues

Part Two

Senior Manager & Certification Regime

• This section of financial services regulation training begins with a detailed Overview

• What is a Senior Manager?

• SMR designations

• Criminal record checks

• Regulatory references

• Whistleblowing

• Responsibility Maps

• Individual Statement of Responsibilities

• Dealing with double-counted or unmanaged risks

• Certified Individuals

• Certification of staff by SM&CR

• Duty of Responsibility

• New criminal offence – reckless misconduct

• Appropriate SM&CR handover

• In-depth case study/example

Financial Products – Regulation & Compliance

• Onboarding customers

• Potentially Vulnerable Customers

• Financial promotions

• Conflicts of Interest

• Product governance

• Dealing with and managing

• Complaints handling

• Case Study/Example - Client Assets Sourcebook

• Rules

• Requirements

• Tiers applied

Course Conclusion and Other Key Issues

• Insider dealing

• Market manipulation

• Market abuse

• Revised Standardised Approaches under Basel III –  Deferred in the UK & USA until 01.01.2027

• ESG – what we know so far

• Cybercrime

• Fraud

• Data Protection concludes this UK financial regulation course

Training Objectives

This financial services regulation course covers the following:

• How recent events impact regulation and compliance – particularly the working-from-home phenomenon

• Understanding the proposed post-Brexit changes that are currently being considered

• How UK financial services compliance, law and regulations requirements are governed and applied in the UK. We will cover this from both a “helicopter” viewpoint and a detailed viewpoint

• Core elements of the present regulation and compliance framework

• The Senior Manager Regime, which is now mandatory in almost all regulated firms

• Impact & significance of the Anti Money Laundering Regulations; updated by the 5th with the UK opting out of the 6th Money Laundering Directives, including changes, general risk assessment and risk mitigation policies

• The FCA’s Handbook and its current regulatory and compliance approach

• Financial regulation training takes into consideration any changes to the regime going forward that are likely to happen

Training Course Summary

“May you live in interesting times” – the apocryphal curse – now seems to apply perfectly to contemporary financial markets.

They remain in a fragile state and will be critical over the next few years. Concerning this are proposals to implement “Post Brexit” changes in regulation; although how long it will take to pass from proposal to actual law is still uncertain.

Redcliffe's financial regulatory compliance training course is designed to either give you a comprehensive introduction or a comprehensive refresher of the UK Regulatory framework and a full account of current market conditions and current risks. It is suitable for both beginners and those wishing to hone or refresh existing skills.