COMPLIANCE MATTERS – MEET THE TEAM

We have already seen plenty of recent activity from the regulator , including the publication of the Advice Guidance Boundary Review Policy Paper , a Dear CEO letter in respect of Capital Redress for Personal Investment Firms and the introduction of the Baseline Financial Resources Return . Future activity already signposted includes a welcome consultation paper on Financial Services Compensation Scheme ( FSCS ) reform , a consultation paper on Capital Adequacy Reforms and the publication of the findings from the recent FCA Retirement Income Advice Review , all of which will no doubt require time setting aside to read through and consider the implications . We will , as ever , be reviewing , distilling and presenting you with focussed overviews of any papers relevant to your business . There has been a noticeable shift towards outcomes-based regulation over the years and the implementation of Consumer Duty in July last year really cemented this approach , whilst also presenting new challenges around how we evolve current processes into being able to support the evidencing of good consumer outcomes . The Compliance team at SimplyBiz and Compliance First supported you with the implementation of the Consumer Duty via webinars , ‘ how to ’ guides , templates and bespoke consultancy sessions , and we received positive and encouraging feedback , which we greatly appreciate . As we move into 2024 , focus starts to turn to the need for firms to produce a Consumer Duty Assessment by the end of July 2024 to demonstrate that the duty is embedded , and that good consumer outcomes are being consistently delivered . We will again be on hand to support you with this and any other regulatory assistance that you may require . Although the Compliance team at SimplyBiz and Compliance First has evolved over the years , the fundamental objective of the team , to support our Members and Clients , has not . I ’ m incredibly proud to lead the Compliance department and would like to start the new year by introducing you to the Compliance Leadership team of 2024 .