UK:
Financial Conduct Authority Publishes Note On The Compliance Function Within Wholesale Banks
05 December 2017
Shearman & Sterling LLP
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On November 23, 2017, the Financial Conduct Authority published
a note on the compliance function in wholesale banks. The note sets
out the key themes and issues arising from responses to an FCA
questionnaire which was sent to 22 firms as well as the FCA's
own observations. The questionnaire was sent to large global banks
operating across several business lines, medium-sized firms
focusing on specific areas or geographies and smaller UK firms, in
order that the FCA could gain insight into how the function has
changed over the past few years. The key themes are that compliance
functions need to evolve in response to changes impacting the
industry and that more strategic thinking is needed. The FCA has
not asked individual firms to take any steps in response to the
note. However, the FCA indicates that all firms and heads of
compliance should use the note to develop their compliance
function.
The FCA's note is available at: https://fca.org.uk/publication/research/the-compliance-function-in-wholesale-banks.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.
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