FCA Sanctions, Financial Promotions & Opportunities for Smaller Firms

FCA Sanctions, Financial Promotions & Opportunities for Smaller Firms

In this episode of Beyond the Buzz, Vicky Pearce and Rachel MacRae unpack the FCA’s latest review of firms’ sanctions systems and controls, highlighting persistent weaknesses in customer due diligence, screening, alert handling, and governance. They also explore the FCA’s findings on financial promotion approvers, the importance of Consumer Duty in promotion approvals, and the regulatory risks of relying on templates and inadequate oversight. The pair then provide a quick-fire overview of key updates from FCA Handbook Notice 141, including changes to consumer credit reporting requirements and amendments to UK EMIR clearing thresholds for commodity derivatives. Finally, they discuss the FCA’s call for new members of the Smaller Business Practitioner Panel and why it represents an important opportunity for senior leaders in smaller regulated firms to help shape future regulation.

Cyber Frontiers: Navigating Risks and Innovation in Financial Services

In this episode of Beyond the Buzz, we break down the rapid rise of frontier AI and why regulators are starting to sound the alarm. From cyber risks that could escalate at machine speed to the growing responsibility on senior management, the message is clear: doing the basics well is no longer enough. We also explore a more supportive side of the FCA as it expands its Scale-up Unit, offering hands-on guidance for fast-growing firms navigating regulation. Plus, we unpack a staggering real-world cyber failure that led to a £963,900 fine, showing exactly how small weaknesses can spiral into major incidents. To round things off, we look at ChatGPT’s move into personal finance in the US and what it could mean for UK firms, advisers, and the future of financial advice.

The Duty Never Sleeps

This week on Beyond the Buzz, we unpack another busy week in financial regulation. We start with the FCA’s ban and £755,000 fine against a former wealth management director who continued advising on DB pension transfers without the required professional indemnity insurance and why the regulator says this was a serious failure of integrity. We also dive into the FCA’s latest Consumer Duty warning during the cost of living crisis, including what firms should be doing now to monitor outcomes, support vulnerable customers, and reassess fair value. Plus: *  The FCA’s upcoming review of bereavement processes  *  Nikhil Rathi’s call for a more coordinated fight against financial crime  *  What the King’s Speech and the proposed “Enhancing Financial Services Bill” could mean for firms  From accountability and affordability to regulatory reform, we break down the key developments and what they mean in practice for advisers and firms alike.

Bereavement Reviews, Consumer Duty Pressures and AI Compliance in Focus

Rachel Macrae and Vicky Pearce unpack another busy week in financial services regulation, covering the FCA’s upcoming bereavement review, new Regulatory Priorities returns, and growing scrutiny around vulnerable customer outcomes under Consumer Duty. They also discuss the ongoing debate around fair value assessments, recent enforcement action linked to unlawful financial promotions, and the importance of strong governance when using AI in regulated firms following the publication of their latest article in the PIMFA Journal.

Simplifying Financial Promotions

In this episode of Beyond the Buzz, Vicky Pearce and Rachel MacRae unpack the latest FCA developments, including proposals to simplify consumer credit financial promotions, cyber resilience insights, ECCTA information sharing, SM&CR reforms, fund tokenisation, and the FCA’s growing focus on anti-greenwashing. A practical look at the key regulatory updates firms should have on their radar.