Why Hire a Security Consultant



I have often been asked, "Why should I hire a security consultant to tell me what security measures my business needs?" I guess the biggest reason is if you know little to nothing about security, then you need to hire someone that does not know the ins and outs to get the most benefit!

There is a lot more than just looking at your doors, windows and locks or alarm systems to figuring out what security measures are need to protect your entire business. The main goal is to look at all your liabilities on security issues and reduce or eliminate them. This saves you time and money in the long run and keeps you out of a possible court situation in the future.

To this end, you need to do a physical site security survey. This will identify the most pressing of your security issues that can get you in trouble. By looking at the entire company, those issues can be identified, measures to protect you implemented and your liabilities reduced!

There are measures that only need to have policies and procedures changed or implemented that will reduce your liabilities. There are other measures that you will need to put in place to protect your hiring process that can save you from a lawsuit. Then there may be other measures that contain a security presence on site or after hours that will protect you.

The thing with competent security consultants is, they know what to look for when identifying security issues and they know how to deal with them with cost effective reductions / eliminations. They know what does and does not work for a variety of business types and your particular area of ​​location.

Security measures do not mean that it has to be a major expense outlay every time. But, it can come to a major expense if you do not have the proper security measures and wind up in a court situation being sued for that reason. You may have insurance to cover it and they may not cover you if found negligent.

Then there is the bad public, the court time, the lawyers fees and on and on. You can see it can be very traumatic for a business owner! Especially if you lose the case and very expensive too!

So it makes sense to use a security consultant to get the best benefits you can, think of the expense as an investment for the future. It will keep you out of court, it could save you on your insurance, it will keep you out of the bad publicity limelight and it will give you a piece of mind.

It is better to be prepared and not need it than to not be prepared and need it. This is true for any type of business! Stop looking at security as just an expense and look at it for what it is, an investment to protect your future!

Consultants can help you with the following issues:

Ø Negligent Hiring / Retention
Ø Premises Liability
Ø Negligent Security
Ø Hiring Contract Security Services
Ø Physical Site Security Surveys
Ø Business Espionage
Ø Fraud and Internal Thefts
Ø Disaster recovery
Ø Risk Analysis

There are many ways a consultant can protect your business. You are looking at reducing your responsibilities and protecting your self, employees, assets and the facility you have. After all you have worked for a while to get where you are, would it not be silly to lose it all because you thought it was an unnecessary expense?

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"Why Hire a Security Consultant"
© 2004 By Gary L. Cunningham, CPO
C & M Consulting Services
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Global Wealth Asia (clone) | FCA

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Global Wealth Asia (clone of FCA authorised firm)

Address: Room 709-710, 7/F, Tower 1, Silvercord, 30 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong

Telephone: +852 300 85773

Email: [email protected]

Website: www.globalwealthasia.com

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Global Wealth Ltd

Firm Reference Number: 706577

Address: 3 Ynyscedwyn Lodge, Wind Road, Ystradgynlais, Swansea SA9 1AD

Telephone: 01639 845596

Fax: 01639 849 642

Email: [email protected] 

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

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Ellis David Insurance Brokers (clone of FCA authorised firm)

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Ellis David Insurance Brokers (clone of FCA authorised firm)

Address: 152-154 Essex Road, London N1 8LY

Telephone: 07492 300 600

Email: [email protected]

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Ellis David Limited

Firm Reference Number: 442066

Address: 152-154 Essex Road Canonbury, London, N1 8LY

Telephone: 020 7354 3881

Email: [email protected]

Website: https://ellisdavid.com

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

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Loan For Tenant (clone of authorised firm)

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Loan for Tenant (clone of FCA authorised firm)

Address: 97 St John’s Hill, London SW11 1SY, London EC1P 1YZ

Email: [email protected][email protected]

Website: www.loanfortenant.uk/

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: TFS Loans Limited

Firm Reference Number: 724439

Address: 26 Brook Road, Rayleigh, Essex SS6 7XJ

Telephone: 01268740750

Email: [email protected]

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

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Red Arc Global Investments plc (clone of an FCA recognised collective investment scheme)

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams. 

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.

Red Arc Global Investments plc (clone of an FCA recognised collective investment scheme)

Address: Beaux Lane House, Mercer Street Lower, Dublin, D02 DH60;
Temple Back, Temple Quay, Clifton, Bristol, BS1 6DZ

Telephone: 0800 680 0955

Website: https://www.redarcglobal.com

Recognised collective investment scheme

This recognised collective investment scheme that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Red Arc Global Investments (Ireland) plc (Product Reference 489791)

Fund Operator: Link Fund Manager Solutions (Ireland) Limited (Operator Reference Number 581130), 1st Floor, 2 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland

Telephone: +353 1 400 5300

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report an unauthorised firm

If you think you have been approached by an unauthorised firm or contacted about a scam, you should contact our Consumer Helpline on 0800 111 6768. If you were offered, bought or sold shares, you can use our reporting form.

#

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Square Global Ltd t/a Square Global Enterprise (clone of FCA authorised firm)

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Square Global Ltd trading as Square Global Enterprise (clone of FCA authorised firm)

Address: 08-06, Binjai 8 Premium Soho, No 2, Lorong Binjai, 50450 Ampang, Wilayah Persekutuan, Kuala Lumpur

Telephone: 603 2710 1186

Email: [email protected] 

Website: www.squareglobalenterprise.com 

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Square Global Ltd trading as Square Global Markets

Firm Reference Number: 653770

Address: Empire House, 175 Piccadilly, London, W1J 9EN 

Telephone: +44 (0) 207 399 2980

Email: [email protected] 

Website: www.squareglobalmarkets.com 

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

#

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Scrilliy (clone) | FCA

Almost all firms and individuals carrying out financial services activities in the UK have to be authorised or registered by us. This firm is not authorised or registered by us but has been targeting people in the UK, claiming to be an authorised firm.

This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorised firm or other details.

You can find out more about this scam tactic and how to protect yourself from clone firms.

Clone firm details

Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK:

Scrilliy (clone of FCA authorised firm)

Telephone: 0330 223 4029; 0330 223 4254; 0330 223 4687 

Email: [email protected]

Be aware that the scammers may give out other false details or mix these with some correct details of the registered firm.

FCA authorised firm details

This FCA authorised firm that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorised to offer, promote or sell services or products in the UK and its correct details are:

Firm Name: Serpable Ltd, trading as Scrilliy

Firm Reference Number: 799104

Address: 17 Collingbourne Avenue, Bournemouth, Dorset, BH6 5QR

Telephone: 01202 286 378

Website: www.scrilliy.co.uk

Please note, the scammers are posing as employees of Scrilliy, requesting that consumers pay a ‘deposit’ in return for a loan, but using telephone numbers not associated with the firm. 

How to protect yourself

We strongly advise you to only deal with financial firms that are authorised by us, and check the Financial Services Register to ensure they are. It has information on firms and individuals that are, or have been, regulated by us.

If you want to check a consumer credit firm that may not yet have been authorised by us, please also check the Interim Permission Register.

If a firm does not appear on the Register but claims it does, contact our Consumer Helpline on 0800 111 6768.

There are more steps you should take to avoid scams and unauthorised firms.

You should also be aware that if you give money to an unauthorised firm, you will not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) if things go wrong.

Report a clone firm

If you think you have been approached by an unauthorised or clone firm, or contacted about a scam, you should contact us. If you were offered, bought or sold shares, you can use our reporting form.

What to do if your firm is cloned

If you think your authorised firm has been cloned or scammers are fraudulently using your name or other details, contact our Firm Helpline on 0300 500 0597.

#

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Regulation round-up October 2018 | FCA

October 2018 Quick Links


Introduction: Christopher Woolard, Executive Director of Strategy and Competition

Our Pensions Strategy sets out new joint actions with The Pensions Regulator (TPR) to tackle the risk of people having inadequate retirement incomes. It also addresses our approach to recent fundamental changes in the sector such as the pensions freedoms and auto-enrolment.

We have set out 2 new areas of significant work. First how we will work together to review consumers’ experiences at every stage of their pensions journey. This should improve the information and advice pension holders receive from firms so they can make better informed choices. We will also work with TPR to improve value for money in the sector by developing common principles and standards and hold firms to account if they are not delivering value for money to their customers.

We know that regulation can’t solve all the problems in the pensions sector on its own. That’s why this strategy is part of a wider effort. With action also required from the pensions industry, by government and its agencies, and by millions of people across the UK taking responsibility for their retirement plans.

The Strategy builds on other work we’re carrying out in the pensions sector. New rules, designed to improve the quality of pension transfer advice, were published earlier this month, and the final report of our Retirement Outcomes Review was published this summer. We will also continue to address issues in the sector through policy, supervision and enforcement work, as well as running our ScamSmart campaign to help people avoid pension scams.


Hot topics

Brexit consultations

We have published 2 consultation papers ahead of the UK’s exit from the EU. The first consultation paper proposes changes required to our Handbook and binding technical standards, if the UK leaves the EU in March 2019 without an implementation period. It also sets out our approach after Brexit to EU non-legislative material. Most of the changes are consequential to those proposed by the Government under the European Union (Withdrawal) Act 2018. For example, changes include removing references to EU institutions, such as the European Commission or the European Supervisory Authorities, which will be replaced with the relevant UK equivalent.

Temporary permissions regime for inbound passporting EEA firms and funds

Currently, certain EEA firms can provide financial services in or into the UK, and EEA funds can be marketed in the UK, through a passport. Our second consultation paper sets out how these firms and funds can continue to carry on regulated business in or into the UK for a limited period after Brexit while seeking full authorisation in the UK. The regime will only be available from 29 March 2019 if the UK leaves the EU without an implementation period. Find out more about the regime.

We welcome your feedback on our proposals. The closing date for both consultations is 7 December 2018.

Read more about how we are preparing for Brexit.

New resolution data reporting requirements not applicable to FCA firms

Certain €730k firms will have new resolution data reporting templates. However, The Bank of England, as the UK Resolution Authority, anticipates that all UK-headquartered firms that have been notified that their preferred resolution strategy does not involve the use of stabilisation powers, won’t be affected by these new requirements. Currently, this is the case for all FCA solo-regulated firms, which are expected to submit their resolution data as usual.

Firm Feedback Survey

We are asking selected authorisation applicants, to complete a short online survey. If you are selected, it will be sent to you immediately after you receive a decision from us. Applicants will receive this survey no more than once per month. We encourage you to complete the survey, as your feedback helps us to improve the authorisation process.

FCA opens a discussion on the impact of Climate Change and green finance on Financial Services

On Monday, we published a discussion paper on climate change and green finance.

The effects of climate change and the associated transition to a low carbon economy may have a major impact on financial markets and on products that serve those markets. The Discussion Paper sets out how the impacts of climate change are relevant to the FCA’s statutory objectives of protecting consumers, protecting market integrity and promoting competition.

Alongside colleagues at the Bank of England, we will also be establishing a new joint FCA-PRA Climate Risk Forum to help consider climate-related financial risks, share best practice and provide intellectual leadership in this emerging field. The Forum will bring together representatives from industry as well as technical experts and other stakeholders. 

We are now seeking feedback on areas the forum should focus on and the questions set out in this Discussion Paper. All interested stakeholders are invited to consider the issues raised in this paper and provide comments by 31 January 2019. 

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Banks and Building Societies

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

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Financial Advisers

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

Improving the Quality of Pension Transfer Advice

We have published new rules and guidance on improving the quality of pension transfer advice, primarily for when customers are considering transferring from a defined benefit scheme to a defined contribution scheme. This includes:

  • new rules on qualifications
  • guidance on an appropriate triage service
  • clarification on our expectations that advisers should be exploring clients’ attitudes to the general risks associated with a transfer, in addition to their attitude to investment risks

The changes come into force at various times from October 2018 – more information can be found in Policy Statement 18/20.

New Live & Local 2018/19 events

This month, we began the series of UK-wide interactive workshops for representatives of regulated firms who are qualified to give Defined Benefit pension transfer advice. The workshops will:

  • highlight the key points that firms should consider when operating in this market
  • reiterate our expectations when transacting this type of business
  • highlight our updated rules and guidance
  • include an interactive case study to put into practice our expectations

In addition to previously announced dates and locations for 2018, we have now added sessions from January to March 2019. For further details, visit our Live & Local webpage. Additional sessions will be announced in the coming months. Sign up to our Live & Local email updates to be alerted.

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Mortgage Advisers and Lenders

Digital Regulatory Reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

New Live & Local 2018/19 events

We have added sessions in January to March 2019 for our series of monthly ‘Ask the regulator’ Q&A roundtable discussions featuring senior FCA representatives and industry experts.

Registration details for UK-wide events taking place to March 2019 can be found on our Live & Local webpage. Additional dates and locations in 2019 will be announced in the coming months. Sign up to our Live & Local email updates to be alerted.

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General Insurance Intermediaries and Insurers

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

General Insurance Value Measures

In March 2018, we published the second set of data in our general insurance value measures pilot. We are now collecting a third set of value measures data across 3 measures: claims frequency; claims acceptance rates; and average claims payout. We intend to publish the data in the new year alongside a consultation on the reporting of GI value measures. Find out more about general insurance value measures.

Insurance Distribution Directive

The Insurance Distribution Directive (IDD) now applies to firms. The IDD is EU legislation which sets regulatory requirements for firms designing and selling insurance products.

IDD replaces the Insurance Mediation Directive (IMD). It aims to enhance consumer protection when buying insurance – including general insurance, life insurance and insurance-based investment products (IBIPs) – and to support competition between insurance distributors by creating a level playing field.

IDD has also introduced requirements in new areas, including product oversight and governance, and enhanced rules for IBIPs.

New Live & Local 2018/19 events for regulated firms

We have added sessions in January to March 2019 to our programme of events for general insurance firms:

  • Interactive workshop on the extension of the Senior Managers and Certification Regime (SM&CR) and the Insurance Distribution Directive (IDD)
  • ‘Ask the regulator’ Q&A roundtable discussions where general insurance firms engage with a panel of FCA and industry representatives in an open, informal setting.

Registration is open for these events taking place to March 2019. Visit our Live & Local webpage for more information. Additional dates and locations in 2019 will be announced in the coming months. Sign up to our Live & Local email updates to be alerted.

Live & Local events for compliance consultants

Earlier this month in London, we held the first of two interactive workshops designed for compliance consultants on how general insurance firms can identify and prevent harm. The second will take place on 7 November in Manchester. Following the success of these workshops with our regulated firms, we are holding these events for compliance consultants. In these events we will share with you what we have presented to our firms, and provide you with an opportunity to ask us questions and give feedback.

Registration details for the 7 November workshop in Manchester can be found on our website.

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Life insurance & Pension Providers

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected]ca.org.uk if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

Improving the Quality of Pension Transfer Advice

We have published new rules and guidance on improving the quality of pension transfer advice, primarily for when customers are considering transferring from a defined benefit scheme to a defined contribution scheme. This includes:

  • new rules on qualifications
  • guidance on an appropriate triage service
  • clarification on our expectations that advisers should be exploring clients’ attitudes to the general risks associated with a transfer, in addition to their attitude to investment risks

The changes come into force at times from October 2018 – more information can be found in Policy Statement 18/20.

Back to top


Wealth Managers & Private Banks

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

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Investment Managers & Stockbrokers

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

Improving the Quality of Pension Transfer Advice

We have published new rules and guidance on improving the quality of pension transfer advice, primarily for when customers are considering transferring from a defined benefit scheme to a defined contribution scheme. This includes:

  • new rules on qualifications
  • guidance on an appropriate triage service
  • clarification on our expectations that advisers should be exploring clients’ attitudes to the general risks associated with a transfer, in addition to their attitude to investment risks

The changes come into force at various times from October 2018 – more information can be found in Policy Statement 18/20.

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Consumer Credit

Thematic Review – Impact of credit broking remuneration models at the point of sale

On 27 September, we published a thematic review report. This followed a commitment in our 2017 Business Plan to look at whether payments such as commission between lenders and credit brokers drive poor outcomes for consumers. We did not look at motor finance brokers, who are subject to a separate review.

The review did not find evidence that these payments are generally resulting in significant harm to consumers. This does not mean harm is not occurring for reasons unrelated to commission. We will continue to monitor credit broking activity as part of our ongoing supervisory strategy and address harm in individual firms where we see it. The report includes case studies and examples of good and poor practice from interviews conducted with consumers and credit broking firms, and from data on commission arrangements gathered from firms.

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Credit Unions

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

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Fintech & Innovative Businesses

Digital regulatory reporting

We are continuing our work with the Bank of England (BoE) on a 6-month pilot to build upon the proof of concept developed at our November TechSprint on digital regulatory reporting. The pilot is evaluating the feasibility of scaling the work from the TechSprint considering 2 use cases. One is focusing on retail reporting and the other on wholesale reporting. Read the latest update on the progress of the pilot.

We will be holding an open demonstration and Q&A session to give attendees an opportunity to understand the technological, governance and legal decisions made throughout. It is also an opportunity to critique and review the work. The open day is on 9 November. Please email [email protected] if you would like to attend this session.

We have also published a feedback statement on our call for input on smarter regulatory reporting.

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Payment Service Providers

Live & Local event in November

As part of the Live & Local 2018/19 programme, we are holding our second event in London tailored for non-bank payment services firms. The ‘introduction to FCA Payments Supervision’ event will provide clarity on our role and expectations, and our supervisory approach. You will also have the opportunity to ask us questions and meet our Payments Department.

Registration details for the 21 November event are available on the Live & Local webpage.

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Brexit

Consultation on proposed changes to the Handbook and binding technical standards

In this paper, we publish our proposals on how we will amend our Handbook and EU derived binding technical standards if the UK leaves the EU without an implementation period in place. We also set out our proposed approach to EU non-legislative material such as Level 3 Guidelines and Q&As.

We want to know about any significant implementation challenges you would face with the proposed amendments, so that we can work with you to address the challenges you face. We do not expect firms and others subject to our proposals to prepare to make any changes now.

Please send us your comments by 7 December 2018.

Read the Consultation Paper (CP18/28).

Consultation on the temporary permissions regime for inbound passporting EEA firms and funds

The temporary permissions regime will allow EEA firms and funds to continue regulated business in the UK, if the UK leaves the EU in March 2019 without an implementation period in place. This consultation paper sets out how we expect the regime to work in practice, how firms and funds can enter it, how long it will operate for, and the rules we propose should apply to firms and fund marketing activities during the regime.

We want firms and fund managers who may want to enter the temporary permissions regime to give us feedback on our proposals. Please send us your comments by 7 December 2018.

Read the Consultation Paper (CP18/29).

Find out more about the regime.

Temporary authorisation regime for data reporting services providers (DRSPs)

The Treasury will create a temporary authorisation regime to allow EU DRSPs to provide a data reporting service in the UK for a limited period after exit day, in the event there is no implementation period from the end of March 2019.

We have published a statement setting out how the regime will work.

Registration for credit rating agencies and trade repositories

When the UK leaves the EU, we will become the UK regulator of credit rating agencies and trade repositories.

We have published statements outlining how credit rating agencies and trade repositories can register with us.

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News and Publications

EU Securitisation Regulation  (DEPP and EG) Amendments Implements CP

We are consulting on proposed amendments to DEPP (Decision Procedure and Penalties Manual) and EG (Enforcement Guide) due to the new enforcement powers we will receive as part of the implementation of the EU Securitisation Regulation (EU 2017/2402) (EU SR) which comes into force on 1 January 2019.

To implement the EU SR in the UK, Her Majesty’s Treasury will lay an implementing statutory instrument (SI) before Parliament. The SI will give us supervisory, disciplinary and investigatory powers over persons subject to the EU SR. The CP sets out the draft amendments to DEPP and EG we propose to make in light of our current understanding of the SI.

Please comment on our proposals by 2 November 2018. You can use the online response form or email your responses to [email protected].

Proposed guidance on Statements of Responsibilities and Responsibilities Maps for FCA firms

We’re consulting on guidance for FCA solo-regulated firms preparing for the Senior Managers and Certification Regime (SM&CR).

The purpose of the guidance is to give firms practical help and information when preparing SoRs and Responsibilities Maps. It builds on the information in the guides to the SM&CR for solo-regulated firms. The guidance aims to help all FCA firms clearly set out Senior Managers’ responsibilities. ‘Enhanced’ firms will also be able to use it to produce Responsibilities Maps which show how their firm is managed and governed.

To read the guidance and send us feedback, go to our website.

Thematic Review: Money Laundering and Terrorist Financing Risks in the E-Money Sector

On October 3, we published our thematic review on money laundering and terrorist financing risks in the e-money sector. This gives a generally positive overview of systems and controls across the firms surveyed. However, the report warns against complacency – highlighting some weaknesses and poor practice.

Firms must ensure they have effective systems to mitigate the increased risks posed by other activities, including money remittance, not covered in the review which focused on e-money products (prepaid cards and e-wallets). We are currently investigating some cases regarding suspected breaches of Money Laundering Regulations by e-money firms for money remittance.

New Live & Local events announced

In addition to the previously announced events from September to December 2018, we have now released dates and locations for UK-wide events taking place from January to March 2019.

Events within the 2018-19 Live & Local programme are aimed at general insurance, retail investment, mortgage, and non-bank payment service firms. We are also holding a general insurance workshop for compliance consultants.

Dates, locations, and registration details are available on the Live & Local webpage. Additional events in 2019 will be announced in the coming months. Sign up to our Live & Local email updates to be alerted.

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New events added for Live & Local 2018/19 programme

We began the 2018/19 programme in September with a new series of events for regulated firms. As before, we will visit each region more than once during the programme to give firms more opportunity to attend a variety of events.

A regular series of events are aimed at general insurance, retail investment and mortgage firms, plus events in November 2018 for non-bank payment services firms and a general insurance workshop for compliance consultants.

Additional sessions in 2019 will be announced in the coming months on the Live & Local webpage

Live & Local 2018/19 events currently open for registration

For general insurance firms, we are offering the following events:

  • Interactive workshops on the extension of the Senior Managers and Certification Regime (SM&CR) and the Insurance Distribution Directive (IDD)
  • ‘Ask the regulator’ Q&A roundtable discussions with a panel of FCA and industry representatives

Registration is open for these events from November 2018 to March 2019.

Details of general insurance events

For retail investment firms, we are hosting interactive workshops on Defined Benefit pension transfers featuring a case study that will put into practice our expectations in this area.

Registration is now open for the workshops from November 2018 to March 2019.

Details of retail investment events

For mortgage firms, we are hosting monthly ‘Ask the regulator’ Q&A roundtable discussions for intermediaries and lenders to engage with a panel of FCA and industry representatives in an open, informal setting.

Registration is open for the roundtables from November 2018 to March 2019.

Details of mortgage events

In November 2018, we are holding ‘An introduction to FCA Payments Supervision’ event in London for non-bank payment services firms that will provide clarity on our role and expectations, and on our supervisory approach. This event will also offer you an opportunity to ask us questions and meet our Payments Department.

Registration is open for the November event in London.

Details of payment services events

In addition to the above events for regulated firms, we are offering two general insurance workshops specifically for compliance consultants. The first event took place in London in October, while the second one will be held in Manchester in November 2018. Following the success of these interactive workshops earlier this year with our regulated general insurance firms on how to identify and prevent harm, we are holding these events for compliance consultants to share with you what we have presented to our firms, and provide you with an opportunity to ask us questions and give feedback.

Registration is now open for the November event in Manchester.

Details of compliance consultants events

Details for a new set of Live & Local events will be released in the coming months via our Live & Local webpage, Regulation Round-up, LinkedIn and Twitter. Sign up to our Live & Local email updates to be alerted by email to upcoming events in your region.

What delegates have said about the Live & Local events:

  • Keeps you in touch with thinking on key issues
  • Extremely positive session with lots of interaction, good context. Very beneficial. Good to have a mixed panel
  • It is welcome that regulators are being approachable and open
  • Important information presented in accessible format
  • Always useful to hear real life experiences from the FCA
  • Relaxed, informal, knowledgeable, human

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Going green: the FCA’s developing approach

Speaker: Christopher Woolard, Executive Director of Strategy and Competition
Event: FCA’s Innovating for a Greener Great Britain event, London
Delivered: 19 October 2018
Note: this is the speech as drafted and may differ from the delivered version

Highlights

  • Our job is to make markets for financial services work well. Part of that is ensuring that financial services are adequately prepared to cope with the changes on the horizon.
  • We want to ensure that firms not only respond to the challenges climate change poses, but also make the most of the opportunities it presents.
  • We have set out in our discussion paper how these changes might affect the FCA’s work and we would welcome your views on this.

Just this morning I recycled my newspaper; had a coffee in my reusable cup; came to work on public transport and arrived in our environmentally friendly building. Not a bad effort, but I know I should do more. Many of you will feel the same.

“It is becoming ever more apparent that swift, decisive action is an economic imperative.”

As citizens, we know what we should do. We know that through small individual decisions, day by day, person by person, multiplied millions of times, we can all play our part.

The role for commercial businesses is also becoming clearer. Companies are increasingly aware of how climate change will affect them, and how to respond. And it is becoming ever more apparent that swift, decisive action is an economic imperative. Only last week at the Annual Meeting of the IMF and World Bank, Jim Yong Kim, President of the World Bank said, when it comes to climate change, “we have far less time than we thought – and far less urgency than we need”.

But as a regulator it isn’t always that simple. We have a strategic objective to ensure financial markets function well. And we have a clearly articulated Mission which enshrines our aim to deliver for consumers in a way that maximises value for money. But the words ‘climate change’ and ‘green’ do not explicitly appear in any of the 321 pages of the legislation that created the FCA.

The green boom

That’s why we published our paper on climate change earlier this week, and indeed, why are we all here today.

“The words ‘climate change’ and ‘green’ do not explicitly appear in any of the 321 pages of the legislation that created the FCA.”

When we look to the future, we see a financial services market that could be transformed both by climate change itself and the transition to a low carbon economy.

We’ve seen a huge growth in the demand for green financial services products. There are now over 70 green bonds listed on the London Stock Exchange, raising more than $22 bn in 7 currencies. Thirty-eight green companies have raised $10 bn in London. And in the retail sector we’ve recently seen the introduction of the UK’s first green mortgage. Research and surveys looking at financial decision-making amongst Millennials and Generation Z suggest that this demand will only increase.

Beyond the growth spurt we’re seeing in green products, we also have to consider the impact of climate change on investments, and on all intermediaries in the investment chain.

But what might good look like? Investors being able to invest with confidence in green finance. A clear understanding, or taxonomy, of what green means. No greenwashing or mis-labelling. A way of measuring the effectiveness of the ‘green’ aspect of the product, as well as the financial return. Investors pricing in climate change risk. And, more broadly, an awareness amongst practitioners of how their business decisions may obstruct the path towards low carbon investment. This isn’t a matter of asking the industry to be altruistic, but about how long-term risk is priced. It’s also a major opportunity for UK asset managers to win international business based on the highest standards.

This is a serious undertaking, and there’s a lot at stake. Financial losses from disorderly or volatile adjustments to the value of listed and unlisted securities.  Consumers investing in misleading products. Increases in insurance claims where providers have not adequately managed their risks. Major global events impacting on the value of investments, affecting pensions, savings and other direct investment products. The impact of meeting the Paris Agreement on individual households. The list goes on.

Our role

“Whichever way we look at this, it’s clear that climate change will result in significant changes for the financial services sector.”

That’s where we at the FCA comes in. Our job is to make markets for financial services work well. Part of that is ensuring that financial services are adequately prepared to cope with the changes on the horizon.

We’re doing this in a number of ways.

Following the Law Commission’s recommendations, we have announced our intention to consult on rule changes requiring Independent Governance Committees (IGCs) to report on firms’ policies towards evaluating environmental, social and governance (ESG) considerations, including climate change.

And we’re keen to support financial services in playing a positive role in global climate change efforts.We are also looking at how we can ensure that asset managers are able to make informed decisions about the climate risks faced by the companies they invest in. This means they can inform investors in their funds of the environmental impact of their investments.

Global problem, global solution

But this is just the beginning of our journey. As we continue to build our knowledge and expertise in this area, we will develop and refine our approach. This is where we need your input.

I mentioned the Discussion Paper we published earlier this week. It outlines:

  • how the different impacts of climate change could fit with the FCA’s long and short-term objectives
  • some of the opportunities and risks the transition to a low-carbon economy presents in the UK’s financial services markets, and
  • the specific action we will take in the near term to ensure that markets function well and deliver good outcomes for consumers.

“We want to ensure that firms not only respond to the challenges climate change poses, but also make the most of the opportunities it presents.”

We would welcome your views on this by 19 January 2019.

As well as hearing your views, we’re coordinating with colleagues across the country, and indeed across the world, working closely with domestic and international regulators to understand the specific areas where we might intervene.

In line with this, we will establish a new FCA-PRA Climate Risk Forum alongside colleagues at the Bank of England, to help consider climate-related financial risks, share best practice and provide intellectual leadership in this emerging field. We are inviting views from all interested stakeholders on the key issues you feel we need to work on as part of this forum.

Green innovation today

We want to ensure that firms not only respond to the challenges climate change poses, but also make the most of the opportunities it presents.

Many of the firms here today are already doing just that. From equipping financial service professionals with the tools to manage climate-related risks, to developing retail products that incentivise consumers to adopt more climate-friendly behaviours – when it comes to innovation, the opportunities are vast.

Since its inception, FCA Innovate has supported firms seeking to provide innovative financial products and services in green finance and ethical investing.  And we see plenty of opportunities to further support innovative models in this space.

Throughout today we will:

  • explain how FCA Innovate and our regulatory sandbox can support firms seeking to develop innovative models
  • be able to hear from companies who have already developed green finance products and services, and
  • discuss and debate challenges and opportunities facing the green finance market

We really appreciate everyone being here today and I’m sure the variety of people and backgrounds present – from industry experts to innovative firms, academics to government officials – will make for a lively discussion.

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