WHY YOU NEED TO READ THE FCA’S MARKET WATCH THE VERY IDEA OF A PUBLICATION OR PROPOSED SET OF GUIDELINES ISSUED BY A REGULATORY AUTHORITY INDUCES A REFLEXIVE ACTION THAT QUEUES US UP FOR A SNOOZE FEST.
REGTECH The Financial Conduct Authority (FCA) issues Market Watch as a regular publication for good reason: there is always something changing. Over 51,000 financial institutions are governed by the acts of the FCA. With all those regulations in play, Market Watch notifications are the only way to efficiently broadcast changes.
THE FCA ALSO USES THE PUBLICATION TO HIGHLIGHT ENFORCEMENT OUTCOMES – WHICH ARE NOT PUBLIC – AS REDACTED CASE STUDIES. The FCA acknowledges that it’s a vehicle to help firms, “understand the full range of consequences of engaging in inappropriate conduct.” All the more reason why RegTech professionals need to keep up with the publications in order to see what’s actually ahead.
LACK OF AWARENESS
LACK OF ACTION TAKEN BY FIRMS EVEN AFTER SUCH A GAP IN DATA MANAGEMENT HAS BEEN IDENTIFIED They cited a general lack of awareness of the quantity of business transacted and how some compliance/surveillance teams have no knowledge of which platforms are in use by their front office staff. With these gaps, how can a firm uphold compliance unless it is comfortable with the added risk it’s taking on?
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