UK:
Lloyd’s Conduct Risk Minimum Standards
An Important Step Towards An Industry Response To Conduct Risk
To print this article, all you need is to be registered or login on Mondaq.com.
Background
Lloyd's has released its new Conduct Risk Minimum Standards
(the "Standards") with compliance potentially required of
all Managing Agents by 1 January 2015. The Standards are the first
documented rules and guidance on how Managing Agents must identify,
assess, mitigate and oversee conduct risk.
The Standards are an important step for Lloyd's and London
Market conduct regulation and supervision. With unprecedented focus
on this market by the Financial Conduct Authority (FCA), it is
important for firms to find a risk-based and proportionate solution
to conduct risk. Firms are at varying stages of achieving this but
in the absence of regulatory rules or guidance, the complexities
and inconsistencies of the market have made this challenging.
It has been clear that a market solution is necessary. The
Standards aim to assist Managing Agents to meet FCA expectations
and increase consistency across the market.
Download
Lloyd's Conduct Risk Minimum Standards – An important
step towards an industry response to conduct risk (PDF)
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Finance and Banking from UK
FCA's Consultation Paper
Cadwalader, Wickersham & Taft LLP
Since 3 January 2018, firms that provide portfolio management or investment advice on an independent basis must pay for the research they obtain...
Regulation Round Up
Proskauer Rose LLP
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
FCA To Permit Research Bundling
Akin Gump Strauss Hauer & Feld LLP
The Financial Conduct Authority (FCA) is seeking views on proposed rules that would allow asset managers to opt for bundled payments for third-party investment research, reversing a significant aspect of the UK's implementation of research rules under the Markets in Financial Instruments Directive (MiFID II).