RB Compliance

Use our library of FREE compliance downloads to stay up to date with the latest rules & regulations...Click on the link below

[RB Compliance @ComplianceRb]

The FCA has published a consultation on proposed changes to the Appointed Representatives Regime & identified some problems with the regime. They recognise the benefits and proposes some additional guidance to the rules. #regulatory #compliance

Read more: https://t.co/IRKuKNtYWC

[RB Compliance @ComplianceRb]

Getting staff up to speed with the background of the Duty, understanding good customer outcomes and how to support them and providing them with the range of skills they need to offer that support in practice is a great starting point. https://t.co/7svIFM5ay5

[RB Compliance @ComplianceRb]

Is your firm reviewing how it delivers good outcomes for all customers, including vulnerable ones? An ongoing review, started in March, will share findings by the end of 2024. It focuses on consumer needs, communication, service, and staff skills. How are you preparing?

[RB Compliance @ComplianceRb]

When it comes to your Board Report, the real skill is understanding which measures can be used to assess whether your organisation’s culture is right, or not. We’ve sought to include some examples to assist, framed around the four key drivers.
https://t.co/g38FKiFzWf

[RB Compliance @ComplianceRb]

Is your organisation aligning its culture with the Consumer Duty? One of the most important elements of your Board Report is reviewing this alignment. Our Board Report template can help. Designed as a starting point, it meets the FCA’s objectives.
https://t.co/0zNfEqTLxC

[RB Compliance @ComplianceRb]

The FCA's focus on duty has increased, central to their three-year strategy and the Consumer Duty. The FCA states, "Firms should ensure that the interests of their customers are central to their culture and purpose." How is your firm aligning with this principle?

[RB Compliance @ComplianceRb]

Firms that deal with customers in financial difficulties must train their staff on identifying indicators that someone might be vulnerable, and how to support them. We offer a dedicated online training course on the Fair Treatment of Vulnerable Customers.
https://t.co/GXAemUQUGk

[RB Compliance @ComplianceRb]

Helping customers manage their debts decreases default risks. Firms that genuinely care build strong loyalty, even in a competitive market. This benefits debt collection firms, as high repayment rates attract clients. How can you better support your customers and reduce defaults?

[RB Compliance @ComplianceRb]

Debt can create a cycle of financial hardship, leading many into arrears. This strain risks broader economic instability - if customers can't repay credit, liquidity is impacted. How can we better support those facing financial difficulties to prevent this cycle?

[RB Compliance @ComplianceRb]

The main objective of closed product reviews is to assess whether customers are receiving good outcomes. You may be interested in our closed product review template and/or Board Report template.
https://t.co/KAE9CZOZKx

[RB Compliance @ComplianceRb]

From 31st July, firms must ensure their actions are consistent with the duty. The starting point is to conduct a closed product review which aims to identify its intended benefits, risks and potential harms to its customer base. https://t.co/5qNr2JQ9DH

[RB Compliance @ComplianceRb]

Customers must receive fair value, this applies to customers on closed products as well as open. Therefore, firms should ask themselves whether they have applied the fair value framework to closed products in the same way that they did for open products.
https://t.co/5qNr2JPBO9

[RB Compliance @ComplianceRb]

Our online training courses introduce new staff to regulatory requirements, key legislation and process, and offer excellent refresher training for established staff, with up-to-date scenarios and soft skills training.
https://t.co/8xaxS38bym

[RB Compliance @ComplianceRb]

Following charges against nine ‘finfluencers’ for issuing unauthorised communications of financial promotions or providing advice when they were not authorised to do so, the FCA has issued a warning that firms must ensure that their social media adverts are lawful.

[RB Compliance @ComplianceRb]

In Q1, the FCA received 298 new whistleblowing reports, up from 249 in Q4 2023 and 280 in Q1 2023. The online reporting form was the most popular method, used for 50% of disclosures. Email accounted for 18%, and telephone for 16% of disclosures.
https://t.co/D1tevjZJmZ

[Financial Conduct Authority @TheFCA]

We've seen positive change for consumers as a result of the Consumer Duty.

We want to see innovation flourish, and growth and competition from firms applying the Duty.

Watch the video to find out more👇

#ConsumerDuty #FinancialServices #ConsumerProtection

[RB Compliance @ComplianceRb]

Our online AML and Financial Crime training covers basics like types of crimes, responsibilities, legislation, fraud, due diligence, reporting, and recording. It's designed for financial services professionals needing an understanding of financial crime.
https://t.co/o2fViGxIQV

[RB Compliance @ComplianceRb]

FCA updates on sanctions aim to enhance systems & controls based on assessments over the past three years. A Q2 2022 review found gaps in due diligence & compliance, leading to proposals for improved AML & sanctions risk management. How will your firm adapt to these changes?

[RB Compliance @ComplianceRb]

Transaction monitoring helps firms recognise normal activity, enabling the detection of suspicious behaviour. Automated systems must be capable of identifying and flagging unusual activity that could indicate money laundering or terrorist financing.
https://t.co/TB0FV3IK4D

[ICO - Information Commissioner's Office @ICOnews]

How can you make sure you’re keeping people’s personal information safe?

Our checklist will help you check your compliance with data protection law and assess which areas you can improve on 👉 https://t.co/RFBIH2P19g

[RB Compliance @ComplianceRb]

The FCA’s final rules to strengthen protections for borrowers in financial difficulty means effective engagement with customers is needed – both to identify early indicators and to consider appropriate support.
https://t.co/dr4INmlWJi