Fines & More For Transaction Reporting Failures

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MiFID Transaction Reporting
Transaction Reporting is a highly complex area that many firms struggle to fully understand and successfully implement, as demonstrated over the years by a number of high profile enforcement cases. Transaction Reports are used by the Regulator in the detection of Market Abuse and therefore it is important that reports made are accurate and complete.

Fines for transaction reporting failures lead to reputational damage and in many cases costly reviews in the form of s166 Skilled Persons reports. We have also seen a proliferation of firms and their senior management being required to sign attestation letters issued by the FCA with regard to confirming the accuracy and completeness of their transaction reports.

EMIR Trade Reporting
As well as MiFID transaction reporting, many firms are also caught under EMIR Trade Reporting. EMIR Trade Reporting was introduced in 2014 as a response to the 2008 financial crisis where it became apparent that greater transparency and risk management was required, particularly in the OTC derivative space.

EMIR requires all EU/EEA financial firms (including investment banks, wealth management firms, private client stock brokers, asset management firms, spread betting firms, inter-dealer brokers and hedge funds with EU Alternative Investment Fund Managers “AIFM”) and non-financial counterparties (corporates) with

Full details at …. http://www.duffandphelps.com/services/compliance-and-regulatory-consulting/compliance-consulting/trade-and-transaction-reporting.html

Should enforcement powers be taken from the FCA?

A Separate Body For S166’s? Really? Wouldn’t That Prolong The Process For SMEs?

Following the Treasury Select Committees (“TSC”) recent publication of it’s review into the FSA’s enforcement action following the failure of HBOS, there have been renewed calls by the TSC for the government to consider the creation of a separate enforcement body that is independent from the PRA and the FCA (as the FSA is now known).

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In response, berg Chief Executive Alison Loveday, has also called for the creation of a separate regulatory body to enforce punishments against bad banks, as SMEs are at risk from the same type of damage inflicted on thousands of them in 2008.

Original recommendation for a separate enforcement body came from the Parliamentary Commission on Banking Standards report published in April 2013. However following a Treasury led review of this matter the proposal was subsequently rejected by the then Chancellor of the Exchequer, George Osborne.

HBOS report and review

The creation of a separate enforcement body was again called for in the report into FSA’s enforcement actions following the report on the failure of HBOS by Andrew Green QC in November 2015.

The TSC have endorsed this suggestion in its “Review of the reports into the failure of HBOS” which was published on 26 July 2016 and draws together several different reports into the failure of HBOS including Andrew Green QC’s report.

The TSC stated in its overview of its findings that “A separate body would bolster the perception of the enforcement function’s independence, and provide the regulators with greater clarity over their objectives. The case for separation merits serious re-examination. The Treasury should appoint an independent person to undertake a review.”Range-2-S166-requirements-Notice-Enforcement

The TSC state that a separate body would build public confidence in the independence of this enforcement body, as opposed to the current system in which the FCA both supervises, applies and prosecutes the law. The report states that this system is “outdated and can be construed as unfair”.

Also a separate body would allow all three regulators, the FCA, the PRA and the new enforcement body to have clearly defined roles and avoid one body suffering “regulatory overload”.

Bailey under questioning

The suggestion from the TSC follows on the back of evidence it heard from the FCA’s new Chief Executive, Andrew Bailey.

Andrew Bailey appeared before the TSC on 20 July 2016 as part of their consideration of his appointment as the FCA’s Chief Executive.

Mr Bailey discussed the difficulties the FCA faced when implementing its review into the sale of Interest Rate Hedging Products. He accepted that the fact the Banks carried out the process of the review overseen by what he described as “a so-called skilled person, which is typically an accounting firm,” was “enormously controversial”.

Mr Bailey stated that he did not “think the FCA was really established or conceived to be an adjudication body. It is a regulatory and supervisory body.” As a result it was required to create “ad-hoc processes” to deal with this is and that he did not consider that these schemes had been a success.

What should be done?

Given both the TSC and the FCA’s own chief executive have questioned the enforcement powers the FCA currently have and their capability of implementing them it is surely now pressing for the government to immediately revisit these issues.

It is important for market confidence that the UK has a strong enforcement body capable of holding the banks to account for their wrongdoing. It is apparent that the present system does not appear to inspire such confidence in consumers and so the suggestion that a separate enforcement body be created to try and rectify this issue is of the upmost importance.

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Source: http://www.lexology.com/library/detail.aspx?g=c72acd63-402c-472f-9fef-82393cde80da

Berg  Chris Glover

NEWS: FCA commissions reviews into investment firms.

Companies handling investments have had the most skilled persons reports commissioned into their activities by the Financial Conduct Authority in the most recent quarter.

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Between April and June the regulator commissioned 17 reviews, which it orders a third party to carry out when it has concerns about a regulated firm’s activities.

Of these 17, five were commissioned into stockbroking firms, four into investment management firms and three into personal investment firms.  The remaining five were carried out into banks, general insurance brokers and “other” firms.

Most of the FCA’s concerns during the past quarter related to conduct of business, with 12 reviews looking into this.

In December the FCA published a thematic review into the UK’s £600bn wealth management industry.

It revealed that investors at some companies were being offered unsuitable investment portfolios and the FCA said it was considering investigating five firms, including using skilled person reviews to do so.

The FCA said many wealth managers still have to make “substantial improvements” in gathering, recording and regularly updating customer information to support the investment portfolios they manage for customers.

The regulator was been asked whether the reviews it commissioned in the last quarter related to its thematic review but it declined to comment.

During the previous quarter – between January and March – the largest number of the reviews commissioned by the FCA were into banks, with four ordered by the regulator out of a total of 10.

Only two were commissioned into investment-related firms – one into a stockbroker and another into an investment management firm.

The reviews during this period were mainly conducted into client assets.

Compliance Consultant (http://www.complianceconsultant.org) can assist you in all aspects of S166 Skilled Person’s Reports and FCA Enforcement actions, moving fast to protect your reputation and save you £000’s. Contact us on 0207 097 1434.

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Src: http://www.ftadviser.com/2016/08/02/regulation/regulators/fca-commissions-reviews-into-investment-firms-omSA7y5LLfNvm2ue5MAQXN/article.html

FCA Publishes Key Findings of its Thematic Review of Inducements and Conflicts of Interest

The FCA published key high level findings from a 2015 thematic review of inducements and conflicts of interest on 18 April 2016.

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The review follows the FCA’s January 2014 publication of finalised guidance on inducements and conflicts of interest in the context of retail investment advice (FG14/1).

The FCA said it would not publish a separate report of this review because this work will be taken into account in its MiFID II consultation paper. However, given the delay in MiFID II implementation to 3 January 2018, it has decided to publish its key findings to remind firms of its expectations relating to the current rules.

The key findings of the review, which focussed on benefits provided and received by firms carrying out MiFID business and firms that carry out regulated activities relating to retail investment products, included:

  • Hospitality, whether provided or received, did not always appear to be designed to enhance the quality of service to the client. The FCA said it expects firms to consider and assess whether all aspects of the benefit are designed to enhance the quality of the service to the client, including the location and nature of the venue, as well as activities that are not conducive or required for business discussions, eg sporting and social events.
  • Hospitality that was not designed to enhance the quality of service to clients was sometimes offered in connection with other benefits that did meet the requirements. The FCA said that where an activity or event provides a number of non-monetary benefits, a firm must consider each benefit separately, and just because one benefit is designed to enhance the quality of service to a client and is capable of being paid or received without breaching the client’s best interest rule, that does not mean that another benefit (not meeting these requirements) can be included with the compliant activity or event.
  • Hospitality logs did not always record relevant detail, or were not well maintained. The FCA said sufficient detail should be recorded to ensure effective monitoring and compliance.
  • Advisory firms incurred costs when facilitating training or educational material supplied by product providers and when collecting management information on behalf of a product provider. The FCA said product providers must not make payments to advisory firms in excess of the costs incurred. Such costs are likely to be an inducement and not allowed.
  • MiFID firms did not always provide clients with an indication of the value of allowable benefits provided. The FCA said clients must be given this information, so that they are aware of the possible level of inducements, and can decide for themselves whether to go ahead with an investment or seek more detailed information.

Remember: Compliance Consultant can assist you in all aspects of governance and operational compliance and a simple review now could save you £000’s AND potential regulatory exposure.

Call Us Now on 0207 097 1434

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SRC: Lexology & Dechert LLP 

Key findings from the FCA’s thematic review on appointed representatives in the insurance sector 

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SRC: Lexology & Berwin Leighton Paisner LLP

Background

The FCA has published its (long-awaited) thematic review (TR16/6) titled ‘Principals and their appointed representatives in the general insurance sector’.

An appointed representative (AR) is able to carry out regulated activities without authorisation on the basis that they undertake such activity under the supervision of an authorised firm acting as their ‘principal’. A principal has regulatory responsibility for the AR and is responsible for any regulatory breaches committed by their ARs.

According the FCA, there are approximately 400 insurers and 5,100 intermediaries who are directly authorised and many of these firms have appointed and accepted responsibility for over 20,000 ARs.

Purpose and scope of the review

The purpose of the review was threefold:

  • to understand the impact of AR arrangements on customers;
  • to understand whether principals had assessed the risks associated with using ARs; and
  • to understand whether principals have put in place robust systems and controls to oversee their ARs effectively, particularly their sales activities.

The focus of the review was on general insurance products and services provided primarily to UK retail and SME customers.

The FCA’s sample for the review included 15 principals selected to represent a diverse range of business models, products distributed, sales methods and sizes of AR networks. These 15 principals had 783 ARs with 10,594 representatives operating at 1,684 locations.

Key findings

Almost half of the principals reviewed could not demonstrate that they had considered and understood the nature, scale and complexity of the risks arising from their ARs’ activities and, in particular, the risks these activities presented to customers. This resulted in some ARs conducting activities outside their principal’s core areas of expertise, where the principal lacked the ability or resources to oversee them effectively.

Over half of the 15 principals included within the sample could not consistently demonstrate that they had effective risk management, oversight and control frameworks to identify, monitor and mitigate the risks arising from their ARs’ activities. Some of these principal firms did not appear to have understood the full extent of their obligations for ensuring that their ARs complied with relevant regulatory requirements, particularly in relation to their sales activities.

Many of the principals did not have adequate systems and controls to ensure ARs complied with the relevant regulatory requirements (including the requirements of PRIN and ICOBS).

In a third of the principal firms, the FCA found examples of potential mis-selling and customer detriment as a result of ARs’ actions, with most of these issues not previously identified by the principal. This included customers buying products that they may not need, under which they may be ineligible to make a claim, or without being provided with enough information (including key exclusions) to make an informed choice. The FCA also identified potential customer detriment arising from shortcomings in some principals’ understanding and application of the client money rules.

In five firms, the FCA identified material risks to customers arising from their poor practices, which left the FCA with no alternative but to take early supervisory intervention actions to protect the interests of customers. These actions included agreeing the imposition of requirements on the regulatory permissions, asking principal firms to cease sales activities and commissioning two FSMA section 166 skilled persons reports to assess whether detriment has been suffered by customers from mis-selling and consider the adequacy of systems and controls. The FCA are also considering whether there is a need for customer redress.

Legal perspective

Thematic reviews are a strong indicator of the FCA’s current supervisory and enforcement priorities, and provide useful guidance on the standards that it expects.

Many of the issues raised in this review mirror failings (in respect of oversight of ARs) which were a focus of the FCA’s recent enforcement action in the solicitors’ PII market. The aggressive actions taken by the FCA as a result of failings identified during the review are a further example of the FCA pursuing its ‘early intervention’ strategy.

In order to fulfil their regulatory obligations as principals, insurers and intermediaries (as well as principals operating in other sectors) need to have robust systems and controls in place to ensure they have adequate oversight of AR arrangements, with a clear focus on ensuring that good consumer outcomes are achieved. In practice, this is likely to include:

carrying out a detailed risk assessment (to evidence that it has considered and understood the nature, scale and complexity of the risks arising from ARs’ activities);

  • carrying out detailed pre-appointment due diligence on the AR;
  • receiving and analysing adequate management information;
  • carrying out regular audits to ensure that the AR is meeting its obligations; and
  • taking a robust and proactive approach to managing the relationship.

In terms of next steps, the FCA has said that it will be sending a ‘Dear CEO’ letter to the chief executive officers of principal firms with ARs in the sector setting out its expectations. We would advise these firms to consider the FCA’s findings carefully and to review their AR arrangements in light of them.

Remember: Compliance Consultant is a specialist compliance consultancy and can assist you in reviewing your arrangements under any of the FCA business standards or SYSC.

Call Us on 0207 097 1434 or

Email info@complianceconsultant.org

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Source: Berwin Leighton Paisner LLP United Kingdom July 29 2016

Introducing The Panel – PWC – Pricewaterhousecoopers

On The Panel – PWC

In April 2013 (and for four years), alongside the creation of the FCA, FSMA Section 166 (known as s166 review, skilled persons report or SPR) was amended to allow regulatory bodies to directly appoint a skilled person of their choosing to go in to a firm, giving the FCA end to end control of the process and leading to the possibility of a huge bill for the company depending on who is chosen.

business-team-anti-money-laundering-s166-skilled-persons-reportCompliance Consultant were appointed as Skilled Persons in 2012 and understand the process and often see the mistakes made by false beliefs of firms regarding the work involved. We specialise in working for you in project managing the process in as much or as little detail as you want. We can work on fixed fees if required.

At Compliance Consultant we offer the service of project managing the entire process for you from initial selection of a Skilled Person from the panel, using our experience (having white-labelled for many of the firms) and reputation of the firms from working in that arena. Some firms profess to be experienced in these areas with statements like “… have a number of FCA endorsed compliance experts” or “… our consultants work closely with the FCA” or even “… we have a panel of FCA qualified advisers“. These are typically recruitment agencies who dabble in compliance consultancy.

We provide FAQs for you HERE

In these posts we will introduce you to some of the leading panel firms that deal with S166 and S166a work – no hype, just their own words introducing themselves.

The Company

Who we are

PwC is founded on a culture of partnership with a strong commercial focus. This is reflected in our vision:

“One firm – a powerhouse of a commercial enterprise that does the right thing for our clients, our people and our communities.

Our goal is to build the iconic professional services firm, always front of mind, because we aim to be the best. We set the standard and we drive the agenda for our profession.

A brief history of PwC
PricewaterhouseCoopers was created on 1 July 1998 by the merger of two firms – Price Waterhouse and Coopers & Lybrand – each with historical roots going back some 160 years. Set out below are some key milestones in the history of both firms.

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services.”

Reference S166 & S166a

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“As from 1 April 2013, PwC was appointed to the Skilled Person Panel in each of the areas:

  • Client assets
  • Governance, Controls and Risk Management
  • Frameworks
  • Conduct of Business
  • Data and IT Infrastructure
  • Financial Crime
  • Prudential – Deposit takers and Recognised Clearing Houses
  • Prudential – Insurance
  • Prudential – Investment Firms, Intermediaries and Recognised Investment Exchanges

Further information is available on the Financial Conduct Authority, Prudential Regulatory Authority and Bank of England websites.”

Don't Let It Cost You Beyond The Money Value - Get Our Help

Don’t forget, Compliance Consultant can help you reduce your exposure and limit your costs as we explain HERE or Call 0207 097 1434 or email info@complianceconsultant.org

src: http://www.oliverwyman.com/what-we-do/financial-services.html

Introducing The Panel – Deloitte UK

On The Panel – Deloitte UK

In April 2013 (and for four years), alongside the creation of the FCA, FSMA Section 166 (known as s166 review, skilled persons report or SPR) was amended to allow regulatory bodies to directly appoint a skilled person of their choosing to go in to a firm, giving the FCA end to end control of the process and leading to the possibility of a huge bill for the company depending on who is chosen.

business-team-anti-money-laundering-s166-skilled-persons-reportCompliance Consultant were appointed as Skilled Persons in 2012 and understand the process and often see the mistakes made by false beliefs of firms regarding the work involved. We specialise in working for you in project managing the process in as much or as little detail as you want. We can work on fixed fees if required.

At Compliance Consultant we offer the service of project managing the entire process for you from initial selection of a Skilled Person from the panel, using our experience (having white-labelled for many of the firms) and reputation of the firms from working in that arena. Some firms profess to be experienced in these areas with statements like “… have a number of FCA endorsed compliance experts” or “… our consultants work closely with the FCA” or even “… we have a panel of FCA qualified advisers“. These are typically recruitment agencies who dabble in compliance consultancy.

We provide FAQs for you HERE

In these posts we will introduce you to some of the leading panel firms that deal with S166 and S166a work – no hype, just their own words introducing themselves.

The Company

“Our vision? To make a positive impact on the reputation and success of our clients, the economy and the wider society.

It’s a vision that has spanned our 160-year history. In 1849, William Deloitte invented a rigorous system to protect investors in the expanding Great Western Railway network against fraud. Such was its success that the company’s shareholders recommended the practice of external auditors be adopted into law. And so both the independent audit, and Deloitte as a firm, were born.

That innovative mind-set of William Deloitte lives on in our firm today, as we push the boundaries of our work in consulting and corporate finance advisory. By harnessing the power of technology, our people are responding to the ever evolving needs and challenges of clients and society. From the outset, our values of quality and integrity have never wavered. We seek to drive higher standards of governance and transparency through our audit and tax practices, bringing confidence to the key decisions of business and government alike.

At Deloitte, we create unrivalled opportunities for our people to build successful careers that meet their aspirations as well as deliver for our clients. We nurture the talent of the future – volunteering in schools and mentoring promising entrepreneurs, helping grow business leaders who can have a wide impact on UK plc.

It is through all this and more that we can realise our vision of supporting client success, fostering sustainable economic growth and a more prosperous society.”

Reference S166 & S166a

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“How can these issues affect your organisation?

It’s crucial that you respond to a s166 Requirement Notice in a timely manner and that you liaise appropriately with the FCA during the course of the process. If your organisation doesn’t do this, your relationship with the FCA could be adversely affected. It’s important to get it right, because the Report and recommendations provided by the Skilled Person will also help the FCA to determine:

FCA supervision going forward.
Whether enforcement action should be taken against a firm or individuals.
Whether a post s166 review should be conducted to ensure any improvements / recommendations have been implemented.
How can we help?

The Deloitte team has experience of conducting s166 Reports in the financial services sector. That means we’re ideally placed to assist clients as they work with their legal advisers. We will liaise with the FCA to make sure that the work is performed to the highest standard and that it provides clear, tailored recommendations.”

Don't Let It Cost You Beyond The Money Value - Get Our Help

Don’t forget, Compliance Consultant can help you reduce your exposure and limit your costs as we explain HERE or Call 0207 097 1434 or email info@complianceconsultant.org

src: http://www.oliverwyman.com/what-we-do/financial-services.html

Introducing The Panel – Oliver Wyman

On The Panel – Oliver Wyman

In April 2013 (and for four years), alongside the creation of the FCA, FSMA Section 166 (known as s166 review, skilled persons report or SPR) was amended to allow regulatory bodies to directly appoint a skilled person of their choosing to go in to a firm, giving the FCA end to end control of the process and leading to the possibility of a huge bill for the company depending on who is chosen.

business-team-anti-money-laundering-s166-skilled-persons-reportCompliance Consultant were appointed as Skilled Persons in 2012 and understand the process and often see the mistakes made by false beliefs of firms regarding the work involved. We specialise in working for you in project managing the process in as much or as little detail as you want. We can work on fixed fees if required.

At Compliance Consultant we offer the service of project managing the entire process for you from initial selection of a Skilled Person from the panel, using our experience (having white-labelled for many of the firms) and reputation of the firms from working in that arena. Some firms profess to be experienced in these areas with statements like “… have a number of FCA endorsed compliance experts” or “… our consultants work closely with the FCA” or even “… we have a panel of FCA qualified advisers“. These are typically recruitment agencies who dabble in compliance consultancy.

We provide FAQs for you HERE

In these posts we will introduce you to some of the leading panel firms that deal with S166 and S166a work – no hype, just their own words introducing themselves.

The Company

 

“Oliver Wyman’s Financial Services practice helps the world’s leading financial institutions address their most significant challenges to shape the future of the industry. We have an unparalleled understanding of the evolving market structures, economics, and strategic and regulatory trends across all segments of the financial services sector. Our distinct approach is characterized by deep specialization and rigorous fact-based analysis.

RETAIL & BUSINESS BANKING
Oliver Wyman’s Retail & Business Banking practice advises leading banks, credit institutions, payments companies and investments firms around the world in shaping and implementing business strategies aimed at serving consumer households and small and medium-sized businesses.

Key Areas of Insight

  • Consumer and SME banking strategy
  • Credit and deposits – strategic pricing, product management and innovation
  • Information-based decision analytics
  • Sales performance and channel management
  • Credit process, collections and loss management

FINANCE & RISK
Oliver Wyman’s Finance and Risk Practice provides leading financial institutions with custom solutions covering all aspects of risk management, including its application to financial management. Decades of work with the world’s top 100 financial institutions have given us a unique global perspective on the challenges they face.

Key Areas of Insight

  • Risk quantification, policies and processes
  • Capital, funding and balance-sheet strategy
  • Accounting analytics, policy and implementation
  • Regulatory compliance
  • Organisation design and governance”

Reference S166 & S166a

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This Company Do Not Have Any Specific Information On S166 Reviews In The UK.

Don’t forget, Compliance Consultant can help you reduce your exposure and limit your costs as we explain HERE or Call 0207 097 1434 or email info@complianceconsultant.org

src: http://www.oliverwyman.com/what-we-do/financial-services.html

FSMA S166 LOTS – The Definitions

Skilled Person Panel Lot Descriptions

single_newspaper_18452The categories of Skilled Person Reports are referred to as Lots, and a summary of each Lot is provided below.

Please Note: Lots 1 and 2 relate to suppliers of consulting services outside of s166 and s166A so are not relevant here.

Lot 3: Client assets
Consultancy advice and expertise in client assets and client money. This lot may include client asset regulatory reporting and safeguarding measures.

We can help you reduce your exposure and limit your costs as we explain HERE.

This will include skills, experience and expertise in areas such as, but not limited to, Client Assets (CASS) and SUP 16 in the appropriate regulator’s Handbook, including governance and systems and controls arrangements associated with client assets, PSR and EMR.

Lot 4: Governance, Controls and Risk Management Frameworks
Consultancy advice and expertise in governance and culture, apportionment of responsibilities, control function effectiveness, systems and controls, risk management frameworks, conduct risk, legal risk, operational risk, UK Listing Authority rules, remuneration, business model and strategy analysis and assessment.

This will include skills, experience and expertise in areas such as, but not limited to, the follow sections of the appropriate regulator’s Handbook; SYSC, APER, FIT, UKLA, BIPRU, REC, and the requirements of other regulatory bodies such as EMIR, CPSS and IOSCO, PSR and EMR.

Lot 5: Conduct of Businessbusiness-person-fca-register-search-worried-consultants-remedial
Consultancy advice and expertise in assessing quality of advice, sales practices, complaints handling, conduct of business rules and guidance, Treating Customers Fairly, arrears management and retail conduct risks associated with each stage of the retail product life-cycle.

This will include skills, experience and expertise in a wide variety of product types and in areas such as, but not limited to, the follow sections of the appropriate regulator’s Handbook; COBS, ICOBS, MCOB, BCOBS, DISP, the requirements of other legislation such as PSR and EMR, and expertise in past business reviews.

We can help you reduce your exposure and limit your costs as we explain HERE.

Lot 6: Data and IT Infrastructure
Consultancy advice and expertise in IT governance, IT operations, IT regulatory compliance, information security, IT systems development and maintenance, IT incident and problem management, project management, business continuity and disaster recovery planning, data quality controls, IT infrastructure and governance of outsourced or offshore activities and regulatory reporting, PSR and EMR.

This will include skills, experience and expertise in areas such as, but not limited to, IT control frameworks, for example COBIT, ISO standards and ITIL, appropriate regulator’s Handbook rules pertaining to IT, outsourcing and regulatory reporting, including SYSC, BIPRU and SUP, programme management standards, for example PRINCE, IT security measures and standards, including configuration of IT infrastructure and standards such IPSEC, software development life cycles such as SSADM and RAD and technical knowledge of relevant IT infrastructure, systems and application software.

Lot 7: Financial Crime
Consultancy advice and expertise in financial crime, anti bribery and corruption, third party payments, market abuse, insider trading and anti-money laundering.

This will include skills, experience and expertise in areas such as, but not limited to, Market Conduct (MAR) in the appropriate regulator’s Handbook, relevant SYSC rules, the Joint Money Laundering Steering Group guidance and the Bribery Act 2010, PSR and EMR.

Lot 8: Prudential – Deposit takers and Recognised Clearing Houses
Consultancy advice and expertise in regulatory capital within deposit takers and recognised clearing houses, liquidity, recovery and resolution, credit risk, market risk, operational risk, regulatory reporting and accounting standards.

This will include skills, experience and expertise in areas such as, but not limited to, BIPRU and GENPRU in the appropriate regulator’s Handbook, Internal Ratings Based approach and modelling, recovery and resolution plans, International Accounting Standards and International Financial Reporting Standards, the capital and liquidity impact of mergers, acquisitions and transfers of business, and the requirements of other regulatory bodies such as EMIR, CPSS and IOSCO.

We can help you reduce your exposure and limit your costs as we explain HERE.

people-220284Lot 9: Prudential – Insurance

Consultancy advice and expertise in regulatory capital within insurance and other related entities, recovery and resolution, credit risk, market risk, operational risk, actuarial modelling and reserving, regulatory reporting and accounting standards.

This will include skills, experience and expertise in areas such as, but not limited to, INSPRU, IPRU(INS) and GENPRU in the appropriate regulator’s Handbook plus future capital regimes such as Solvency II), recovery and resolution plans, insurance reserving and actuarial modelling, International Accounting Standards and International Financial Reporting Standards and the capital and liquidity impact of mergers, acquisitions and transfers of business.

Lot 10: Prudential – Investment Firms, Intermediaries and Recognised Investment Exchanges
Consultancy advice and expertise in regulatory capital within investment firms and recognised investment exchanges, recovery and resolution, credit risk, market risk, operational risk, actuarial modelling and reserving, regulatory reporting and accounting standards.

This will include skills, experience and expertise in areas such as, but not limited to, BIPRU, MIPRU, UPRU, IPRU(INV), GENPRU and REC in the appropriate regulator’s Handbook, International Accounting Standards, International Financial Reporting Standards and UK Generally Accepted Accounting Practice.

We can help you reduce your exposure and limit your costs as we explain HERE.