Financial Promotions Archives - Complyportal https://complyportal.uk/category/financial-promotions/ Wed, 26 Feb 2025 22:59:30 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.1 https://complyportal.uk/wp-content/uploads/2025/02/1cb60d6a-4d86-422b-ae02-1eb3f14631bc_b-100x100.png Financial Promotions Archives - Complyportal https://complyportal.uk/category/financial-promotions/ 32 32 Best Practice for Compliant Financial Promotions https://complyportal.uk/best-practice-for-compliant-financial-promotions/ Thu, 13 Feb 2025 13:32:27 +0000 https://complyportal.uk/?p=18639 Best Practice for Compliant Financial Promotions Addressing Financial Promotions as the FCA steps up action against misleading financial adverts Lucy Castledine, Director of Consumer Investments at the FCA, said: “Over the past year, we have seen a growing number of misleading and illegal financial promotions. We have stepped up our efforts in response to make sure that financial promotions are clear, fair, and accurate. We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed at consumers.” (Source: https://www.fca.org.uk/news/press-releases/fca-steps-action-against-misleading-financial-adverts ) This statement brings further emphasis to the importance of having effective systems and controls in place to monitor and report on financial promotions. Marrying together efficient internal processes and the demands of the FCA highlights two key areas of focus for financial promotions processes: Accountability and Auditability. Accountability is important to ensure each stage of the financial promotions creation and review process is conducted in a timely manner and by the right person(s). Auditability is the efficient recording of steps within the financial promotions process so that should the FCA make an enquiry, a firm has the ability to show it has taken the necessary steps to ensure financial promotions are fair, clear and not misleading. ComplyPortal’s solution provides accountability and auditability through one clear process. The Financial Promotions Approval workflow in ComplyPortal Raises the relevant considerations to each member of the approval process and records approval from each person/team. This method provides accountability with deadlines assigned to each approval stage, and the relevant considerations highlighted and addressed. This information is all stored and can be pulled into reports with one click to cover one workflow or those over a period. Key Features: Details of Regulatory Expectations Clear workflow of assigned groups with strict deadlines automatic notifications Clear audit trails Book a Complimentary Demo Find out more about how the ComplyPortal platform can help firms adapt to new regulatory expectations at: https://complyportal.uk/modules/ About ComplyPortal: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.  ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:  Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes. Approvals: authorise request and keep track of workflows Registers: lists controlled by the Compliance officer, but easy for staff to view. Risk: map and control risk areas to effectively identify and manage risk for your firm. Training: access our LMS platform for all Compliance and Governance Training CLICK HERE TO GET STARTED!

The post Best Practice for Compliant Financial Promotions appeared first on Complyportal.

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Best Practice for Compliant Financial Promotions

Addressing Financial Promotions as the FCA steps up action against misleading financial adverts

Lucy Castledine, Director of Consumer Investments at the FCA, said:

“Over the past year, we have seen a growing number of misleading and illegal financial promotions. We have stepped up our efforts in response to make sure that financial promotions are clear, fair, and accurate.

We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed at consumers.” (Source: https://www.fca.org.uk/news/press-releases/fca-steps-action-against-misleading-financial-adverts )

This statement brings further emphasis to the importance of having effective systems and controls in place to monitor and report on financial promotions.

Marrying together efficient internal processes and the demands of the FCA highlights two key areas of focus for financial promotions processes: Accountability and Auditability.

Accountability is important to ensure each stage of the financial promotions creation and review process is conducted in a timely manner and by the right person(s).

Auditability is the efficient recording of steps within the financial promotions process so that should the FCA make an enquiry, a firm has the ability to show it has taken the necessary steps to ensure financial promotions are fair, clear and not misleading.

ComplyPortal’s solution provides accountability and auditability through one clear process. The Financial Promotions Approval workflow in ComplyPortal Raises the relevant considerations to each member of the approval process and records approval from each person/team. This method provides accountability with deadlines assigned to each approval stage, and the relevant considerations highlighted and addressed. This information is all stored and can be pulled into reports with one click to cover one workflow or those over a period.

Key Features:

  • Details of Regulatory Expectations
  • Clear workflow of assigned groups with strict deadlines
  • automatic notifications
  • Clear audit trails


Book a Complimentary Demo

Find out more about how the ComplyPortal platform can help firms adapt to new regulatory expectations at: https://complyportal.uk/modules/

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. 

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: 

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Approvals: authorise request and keep track of workflows
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • Training: access our LMS platform for all Compliance and Governance Training

CLICK HERE TO GET STARTED!

The post Best Practice for Compliant Financial Promotions appeared first on Complyportal.

]]> Financial Promotions Solutions with ComplyPortal https://complyportal.uk/financial-promotions-solutions-with-complyportal/ Wed, 28 Aug 2024 07:55:41 +0000 https://stage.complyportal.uk/?p=14329 Financial Promotions Solutions with ComplyPortal: Financial Promotions approvals can be a daunting task for firms, often bogged down by challenges in tracking, quality control and reporting. These hurdles can lead to inefficiencies, errors, and difficulties in meeting regulatory requirements. ComplyPortal steps in to streamline this process, offering a comprehensive Approvals Module designed to address these very issues. Our clients identified the top 3 challenges they face with their Financial Promotions approval process. Tracking: It’s challenging to track where a Financial Promotion is in the approval process and who’s desk it’s sitting on. Quality controls: Maintaining consistency over time is difficult and tight deadlines can cause Financial Promotions to rush through approval processes, potentially leading to errors. Reporting: providing a report that details the Financial Promotions approval process, including declinations, is crucial for FCA requests or audits.   ComplyPortal’s Approvals Module for Financial Promotions Designed by professionals in compliance, our team helped design features to increase efficiency and help address these common issues. Financial Promotions Workflow Ready to use workflow or custom workflow and notifications to individuals or groups at each stage of the review process. Financial Promotions Checklist Questionnaire Our compliance experts update and provide questionnaires identifying relevant elements of Financial Promotions regulation for firms to consider. Together with our Document Scanning AI –preset rules rapidly identify potential marketing breaches and recommend corrections and suggestions. Reporting Powerful reporting capabilities where custom fields can be set to export dedicated and specific reports going back for as long as data has been recorded. Discover the Approvals Module. Book a demo today Financial Promotions Workflow Features: Get started quickly with our default workflow options or work with us to build a bespoke workflow that suits your needs based on one of our own templates or a custom workflow from your own internal processes. Create a multi-step process and route whereby tasks are assigned to individuals or groups and notifications are automatically sent. –            Requesting a Financial Promotion to be approved –            Reporting on your Financial Promotions –            Getting your Financial Promotions approved –            Tracking responsibilities and completion status –            Embed Document Scanning AI review –            Full overview of start to finish from request, feedback to final approval All of these workflows are recorded on the system and available for reporting. Benefits: –            Simplified, linear process –            Keep track of progress and responsibility –            Faster turnaround times –            Efficient and consistent protocols –            Bespoke workflow to fit Internal approvals process   Financial Promotions Checklist Questionnaire Features: Provides a comprehensive checklist against relevant Financial Promotion regulation. Forms are updated by our compliance professionals to keep up with rapidly evolving regulatory landscape. Test your compliance monitoring process are working as intended with look back self-assessments guided by our monitoring template: Regulatory Compliance: Ensure all financial promotions meet UK financial and AIFMD marketing regulations, including compliance with COBS, SUP, and FSMA requirements across different types of investments (MiFID, Non-Mass Market Investments, Restricted Mass Market Investments). Fair and Clear Communications: Verify that all communications and financial promotions are fair, clear, and not misleading as stipulated in COBS 4.2.1R. Performance and Comparisons: Ensure that any information on past or future performance, tax treatments, and comparisons meets COBS 4.5A requirements, including clarity on assumptions and sources. Risk and Incentive Disclosures: Include appropriate risk warnings and restrict incentives in promotions of Restricted Mass Market Investments and Non-Mass Market Investments unless specific exemptions apply. Documentation and Reporting: Maintain records of all financial promotions for five years and submit required information and amendments to the FCA as outlined in SUP 16.31. Approval Processes: Confirm that financial promotions, especially for unauthorised firms, have necessary approvals and comply with regulatory frameworks, with periodic attestations and bi-annual reporting to the FCA. Review and Update: Regularly review and update compliance processes, distribution lists, and the Financial Promotion Register for accuracy and completeness. This checklist ensures thorough monitoring of financial promotions in alignment with stringent regulatory standards. Benefits: –            Updated regulatory information –            Consistent reviews –            Reportable questionnaire answers –            Standardisaton & centralisation of legal and compliance requirements –            Reduction of human bias & errors through consistent reviews –            Streamline marketing – compliance communications   Reporting Features: Every Financial Promotions workflow, approval and completed questionnaire is recorded onto the system. This creates an accessible central data store for thorough reports to be easily exported and made available for review/audit. –            Custom fields with capacity for specific reporting –            Export as Table, Excel, PDF –            Provide clear audit trail –            Report by time period –            Report by completion status –            Monitor employee usage Benefits: –            Reports fit to custom requirements –            Information recorded since 1st ever entry –            Provide valuable evidence of compliant processes –            Instantly created and displayed with a clear audit trail   Best Practice: An Integrated Approach Using ComplyPortal to manage your Financial Promotions approval processes will significantly improve your capacity to demonstrate compliance. This approach ensures a clear and consistent audit trail and generates comprehensive reports. Lock down and ensure your processes are being followed, detailed questionnaires and technology help check against regulatory requirements. This leads to higher quality and consistency across Financial Promotion approvals. Scheduled monitoring or look backs to audit your internal processes ensures a robust approach to maintaining compliance. The ability to view and export detailed reports creates the capacity to review processes and demonstrate compliance helping to improve operations and provide the FCA with necessary evidence. Overall, combining these three solutions creates organisational protocols that are efficient, consistent & compliant. To see how these solutions can improve your Financial Promotions processes: BOOK A DEMO About ComplyPortal: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.  ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:  Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes. Approvals: authorise request and keep track of workflows Registers: lists controlled by the Compliance officer, but easy for staff to view. Risk: map and control risk areas to effectively identify and manage risk for your firm. Training: access our

The post Financial Promotions Solutions with ComplyPortal appeared first on Complyportal.

]]>

Financial Promotions Solutions with ComplyPortal:

Financial Promotions approvals can be a daunting task for firms, often bogged down by challenges in tracking, quality control and reporting. These hurdles can lead to inefficiencies, errors, and difficulties in meeting regulatory requirements. ComplyPortal steps in to streamline this process, offering a comprehensive Approvals Module designed to address these very issues. Our clients identified the top 3 challenges they face with their Financial Promotions approval process.

Tracking: It’s challenging to track where a Financial Promotion is in the approval process and who’s desk it’s sitting on.

Quality controls: Maintaining consistency over time is difficult and tight deadlines can cause Financial Promotions to rush through approval processes, potentially leading to errors.

Reporting: providing a report that details the Financial Promotions approval process, including declinations, is crucial for FCA requests or audits.

 

ComplyPortal’s Approvals Module for Financial Promotions

Designed by professionals in compliance, our team helped design features to increase efficiency and help address these common issues.

Financial Promotions Workflow

Ready to use workflow or custom workflow and notifications to individuals or groups at each stage of the review process.

Financial Promotions Checklist Questionnaire

Our compliance experts update and provide questionnaires identifying relevant elements of Financial Promotions regulation for firms to consider. Together with our Document Scanning AI –preset rules rapidly identify potential marketing breaches and recommend corrections and suggestions.

Reporting

Powerful reporting capabilities where custom fields can be set to export dedicated and specific reports going back for as long as data has been recorded.

Discover the Approvals Module. Book a demo today

Financial Promotions Workflow

Features:

Get started quickly with our default workflow options or work with us to build a bespoke workflow that suits your needs based on one of our own templates or a custom workflow from your own internal processes.

Create a multi-step process and route whereby tasks are assigned to individuals or groups and notifications are automatically sent.

–            Requesting a Financial Promotion to be approved

–            Reporting on your Financial Promotions

–            Getting your Financial Promotions approved

–            Tracking responsibilities and completion status

–            Embed Document Scanning AI review

–            Full overview of start to finish from request, feedback to final approval

All of these workflows are recorded on the system and available for reporting.

Benefits:

–            Simplified, linear process

–            Keep track of progress and responsibility

–            Faster turnaround times

–            Efficient and consistent protocols

–            Bespoke workflow to fit Internal approvals process

 

Financial Promotions Checklist Questionnaire

Features:

Provides a comprehensive checklist against relevant Financial Promotion regulation. Forms are updated by our compliance professionals to keep up with rapidly evolving regulatory landscape.

Test your compliance monitoring process are working as intended with look back self-assessments guided by our monitoring template:

  • Regulatory Compliance: Ensure all financial promotions meet UK financial and AIFMD marketing regulations, including compliance with COBS, SUP, and FSMA requirements across different types of investments (MiFID, Non-Mass Market Investments, Restricted Mass Market Investments).
  • Fair and Clear Communications: Verify that all communications and financial promotions are fair, clear, and not misleading as stipulated in COBS 4.2.1R.
  • Performance and Comparisons: Ensure that any information on past or future performance, tax treatments, and comparisons meets COBS 4.5A requirements, including clarity on assumptions and sources.
  • Risk and Incentive Disclosures: Include appropriate risk warnings and restrict incentives in promotions of Restricted Mass Market Investments and Non-Mass Market Investments unless specific exemptions apply.
  • Documentation and Reporting: Maintain records of all financial promotions for five years and submit required information and amendments to the FCA as outlined in SUP 16.31.
  • Approval Processes: Confirm that financial promotions, especially for unauthorised firms, have necessary approvals and comply with regulatory frameworks, with periodic attestations and bi-annual reporting to the FCA.
  • Review and Update: Regularly review and update compliance processes, distribution lists, and the Financial Promotion Register for accuracy and completeness.

This checklist ensures thorough monitoring of financial promotions in alignment with stringent regulatory standards.

Benefits:

–            Updated regulatory information

–            Consistent reviews

–            Reportable questionnaire answers

–            Standardisaton & centralisation of legal and compliance requirements

–            Reduction of human bias & errors through consistent reviews

–            Streamline marketing – compliance communications

 

Reporting

Features:

Every Financial Promotions workflow, approval and completed questionnaire is recorded onto the system.

This creates an accessible central data store for thorough reports to be easily exported and made available for review/audit.

–            Custom fields with capacity for specific reporting

–            Export as Table, Excel, PDF

–            Provide clear audit trail

–            Report by time period

–            Report by completion status

–            Monitor employee usage

Benefits:

–            Reports fit to custom requirements

–            Information recorded since 1st ever entry

–            Provide valuable evidence of compliant processes

–            Instantly created and displayed with a clear audit trail

 

Best Practice: An Integrated Approach

Using ComplyPortal to manage your Financial Promotions approval processes will significantly improve your capacity to demonstrate compliance. This approach ensures a clear and consistent audit trail and generates comprehensive reports.

Lock down and ensure your processes are being followed, detailed questionnaires and technology help check against regulatory requirements. This leads to higher quality and consistency across Financial Promotion approvals.

Scheduled monitoring or look backs to audit your internal processes ensures a robust approach to maintaining compliance.

The ability to view and export detailed reports creates the capacity to review processes and demonstrate compliance helping to improve operations and provide the FCA with necessary evidence.

Overall, combining these three solutions creates organisational protocols that are efficient, consistent & compliant.

To see how these solutions can improve your Financial Promotions processes:

BOOK A DEMO

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. 

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: 

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Approvals: authorise request and keep track of workflows
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • Training: access our LMS platform for all Compliance and Governance Training

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CLICK HERE TO GET STARTED!

The post Financial Promotions Solutions with ComplyPortal appeared first on Complyportal.

]]> The Importance of Financial Promotions and the Risks of Non-Compliance https://complyportal.uk/the-importance-of-financial-promotions-and-the-risks-of-non-compliance/ Tue, 13 Aug 2024 17:40:00 +0000 https://stage.complyportal.uk/?p=16646 The Importance of Financial Promotions and the Risks of Non-Compliance Transparent, Efficient, Consistent: Financial Promotions with ComplyPortal Financial promotions are a critical aspect of the financial services industry, serving as the primary means through which firms communicate their products and services to existing and potential customers. These promotions encompass a wide range of communications, including advertisements, social media posts and direct marketing materials. Given their significant influence on consumer decisions, regulated firms must ensure their financial promotions are clear, fair, and not misleading as set out by the Financial Conduct Authority’s (FCA’s) standards. This article explores the importance of financial promotions and the risks associated with non-compliance with financial promotions regulations.   The Importance of Financial Promotions Consumer Protection: A compliant Financial promotion plays a vital role in protecting consumers by ensuring they receive accurate and transparent information. This helps consumers make informed decisions about financial products and services, reducing the risk of financial harm. Market Integrity: Clear and fair financial promotions contribute to the overall integrity of the financial market. They help maintain trust between consumers and financial institutions, which is essential for the smooth functioning and integrity of the UK financial services ecosystem. Regulatory Compliance: Adhering to financial promotions regulations, such as those outlined in the FCA’s Conduct of Business Sourcebook (COBS) and the Consumer Credit Sourcebook (CONC), ensures that firms operate within the legal framework. Compliance to the regulatory rules on financial promotions is crucial for avoiding legal repercussions and maintaining a firm’s reputation. Competitive Advantage: Firms that consistently produce compliant and high-quality financial promotions can gain a competitive edge as a result of their ability to bring promotions to market quicker. Transparent and trustworthy communications can attract and retain customers due to their consistent and accurate messaging positioning them as a reliable provider, enhancing the firm’s market position.     Risks of Non-Compliance Regulatory Sanctions: Non-compliance with financial promotions regulations can lead to severe regulatory actions. The FCA has the authority under section 137S of the Financial Services and Markets Act 2000 (FSMA) to direct firms to withdraw non-compliant advertisements or prevent them from being used. Firms may also face fines, withdrawal of permissions, and other enforcement actions. Reputational Damage: Non-compliant financial promotions can significantly damage a firm’s reputation. Misleading or unclear promotions can erode consumer trust, leading to a loss of business and long-term reputational harm. Financial Penalties: Firms found in breach of financial promotions regulations may incur substantial financial penalties. These fines can be costly and impact the firm’s financial stability. Consumer Harm: Misleading financial promotions can result in consumer harm, such as financial losses or increased indebtedness. This not only affects individual consumers but can also lead to broader market instability. Legal Consequences: In severe cases, non-compliance with financial promotions regulations can result in legal consequences, including criminal charges. For example, unauthorised firms promoting financial products without proper approval may commit a criminal offence under the Financial Services and Markets Act.   Examples of Non-Compliant Financial Promotions Misleading Claims: Promotions that include phrases like “no credit check loans” or “loan guaranteed” can mislead consumers into believing that no creditworthiness assessment will be conducted, which is a breach of CONC 3.3.3R. Omission of Risk Warnings: High-cost short-term credit promotions that fail to include the required risk warning “Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk” or which do so but in smaller print than the main promotion are non-compliant with CONC 3.4.1R. Lack of Representative APR: Promotions which include an incentive to apply for credit or to enter into an agreement under which credit is provided, without including the Representative APR (RAPR) as required by CONC 3.5.7R(1)(c) are non-compliant. Book a Demo   Financial Promotions: The Industry Perspective: Common struggles for Financial Services Firms with internal Financial Promotions processes: Transparency – Where there is a lack of clear protocols and effective communication channels, firms can struggle to keep on top of progress. Consistency – Variation in interpretations of rules within an organisation can lead to inconsistencies of output. Time – With ineffective comms and processes accompanied by internal inconsistencies many financial promotion materials can take a significant amount of time to make it through the marketing compliance chain.   Barriers to change: Ongoing other business issues – With other operational and compliance issues existing, taking time to focus on completing financial promotions can be pushed back. Budget constraints – A tight budget can limit a firm’s resources and act as a barrier to investment into tools to help improve efficiency. Capacity for change – This can be the scope within the firm regarding human resources, as well as the attitude to change by decision-makers. ComplyPortal provides the opportunity to improve Financial Promotions processes by addressing 3 main pain points: Transparency, Efficiency, Consistency. Transparency is increased with a clear custom workflow creating established responsibilities and opening lines of communication. Efficiency is improved through use of a robust system and custom rule set leading to less human error and resulting faster turnaround times. Consistency is achieved through the combination of clear protocols, valuable tools and effective communication, leading to a consistent delivery of consistent output.   ComplyPortal’s Solutions: Financial Promotions Workflow – Custom automated workflow and notifications to individuals or groups at each stage of the review process. Financial Promotions Questionnaires – Our compliance experts update and provide questionnaires identifying all relevant elements of Financial Promotions regulation for firms to consider. Document Scanning AI – Custom and specific preset rules rapidly identify potential marketing breaches and recommend corrections and alternatives.   How it works: Advanced logic capabilities ensure online content compliance to FCA Financial Promotion requirements. The platform takes the hard work out of compliance, highlighting only the content that’s potentially risky, and flagging it for expert review and attention. Documents are quickly marked up saving valuable time and effort over traditional manual processes. Features: Risk detection Approvals routing AI suggested changes Risk identification Summary Built in workflow Full Audit Trail Risk Detection Capabilities: Find missing text Proximity of elements Copy suggestions Numbers and currencies Dates Prominence & Proximity Attempted Disclosures Tone of Voice Semantic Similarity   How Does This Help?: Automated first-line review to streamline marketing-compliance communication. Standardisation & centralisation of legal and compliance requirements

The post The Importance of Financial Promotions and the Risks of Non-Compliance appeared first on Complyportal.

]]>

The Importance of Financial Promotions and the Risks of Non-Compliance

Transparent, Efficient, Consistent: Financial Promotions with ComplyPortal

Financial promotions are a critical aspect of the financial services industry, serving as the primary means through which firms communicate their products and services to existing and potential customers. These promotions encompass a wide range of communications, including advertisements, social media posts and direct marketing materials. Given their significant influence on consumer decisions, regulated firms must ensure their financial promotions are clear, fair, and not misleading as set out by the Financial Conduct Authority’s (FCA’s) standards. This article explores the importance of financial promotions and the risks associated with non-compliance with financial promotions regulations.

 

The Importance of Financial Promotions

Consumer Protection: A compliant Financial promotion plays a vital role in protecting consumers by ensuring they receive accurate and transparent information. This helps consumers make informed decisions about financial products and services, reducing the risk of financial harm.

Market Integrity: Clear and fair financial promotions contribute to the overall integrity of the financial market. They help maintain trust between consumers and financial institutions, which is essential for the smooth functioning and integrity of the UK financial services ecosystem.

Regulatory Compliance: Adhering to financial promotions regulations, such as those outlined in the FCA’s Conduct of Business Sourcebook (COBS) and the Consumer Credit Sourcebook (CONC), ensures that firms operate within the legal framework. Compliance to the regulatory rules on financial promotions is crucial for avoiding legal repercussions and maintaining a firm’s reputation.

Competitive Advantage: Firms that consistently produce compliant and high-quality financial promotions can gain a competitive edge as a result of their ability to bring promotions to market quicker. Transparent and trustworthy communications can attract and retain customers due to their consistent and accurate messaging positioning them as a reliable provider, enhancing the firm’s market position.

 

 
Risks of Non-Compliance

Regulatory Sanctions: Non-compliance with financial promotions regulations can lead to severe regulatory actions. The FCA has the authority under section 137S of the Financial Services and Markets Act 2000 (FSMA) to direct firms to withdraw non-compliant advertisements or prevent them from being used. Firms may also face fines, withdrawal of permissions, and other enforcement actions.

Reputational Damage: Non-compliant financial promotions can significantly damage a firm’s reputation. Misleading or unclear promotions can erode consumer trust, leading to a loss of business and long-term reputational harm.

Financial Penalties: Firms found in breach of financial promotions regulations may incur substantial financial penalties. These fines can be costly and impact the firm’s financial stability.

Consumer Harm: Misleading financial promotions can result in consumer harm, such as financial losses or increased indebtedness. This not only affects individual consumers but can also lead to broader market instability.

Legal Consequences: In severe cases, non-compliance with financial promotions regulations can result in legal consequences, including criminal charges. For example, unauthorised firms promoting financial products without proper approval may commit a criminal offence under the Financial Services and Markets Act.

 
Examples of Non-Compliant Financial Promotions

Misleading Claims: Promotions that include phrases like “no credit check loans” or “loan guaranteed” can mislead consumers into believing that no creditworthiness assessment will be conducted, which is a breach of CONC 3.3.3R.

Omission of Risk Warnings: High-cost short-term credit promotions that fail to include the required risk warning “Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk” or which do so but in smaller print than the main promotion are non-compliant with CONC 3.4.1R.

Lack of Representative APR: Promotions which include an incentive to apply for credit or to enter into an agreement under which credit is provided, without including the Representative APR (RAPR) as required by CONC 3.5.7R(1)(c) are non-compliant.


 
Financial Promotions: The Industry Perspective:

Common struggles for Financial Services Firms with internal Financial Promotions processes:

Transparency – Where there is a lack of clear protocols and effective communication channels, firms can struggle to keep on top of progress.

Consistency – Variation in interpretations of rules within an organisation can lead to inconsistencies of output.

Time – With ineffective comms and processes accompanied by internal inconsistencies many financial promotion materials can take a significant amount of time to make it through the marketing compliance chain.

 
Barriers to change:

Ongoing other business issues – With other operational and compliance issues existing, taking time to focus on completing financial promotions can be pushed back.

Budget constraints – A tight budget can limit a firm’s resources and act as a barrier to investment into tools to help improve efficiency.

Capacity for change – This can be the scope within the firm regarding human resources, as well as the attitude to change by decision-makers.

ComplyPortal provides the opportunity to improve Financial Promotions processes by addressing 3 main pain points: Transparency, Efficiency, Consistency. Transparency is increased with a clear custom workflow creating established responsibilities and opening lines of communication. Efficiency is improved through use of a robust system and custom rule set leading to less human error and resulting faster turnaround times. Consistency is achieved through the combination of clear protocols, valuable tools and effective communication, leading to a consistent delivery of consistent output.

 
ComplyPortal’s Solutions:

Financial Promotions Workflow – Custom automated workflow and notifications to individuals or groups at each stage of the review process.

Financial Promotions Questionnaires – Our compliance experts update and provide questionnaires identifying all relevant elements of Financial Promotions regulation for firms to consider.

Document Scanning AI – Custom and specific preset rules rapidly identify potential marketing breaches and recommend corrections and alternatives.

 
How it works:

Advanced logic capabilities ensure online content compliance to FCA Financial Promotion requirements.

The platform takes the hard work out of compliance, highlighting only the content that’s potentially risky, and flagging it for expert review and attention.

Documents are quickly marked up saving valuable time and effort over traditional manual processes.

Features:

  • Risk detection
  • Approvals routing
  • AI suggested changes
  • Risk identification Summary
  • Built in workflow
  • Full Audit Trail

Risk Detection Capabilities:

  • Find missing text
  • Proximity of elements
  • Copy suggestions
  • Numbers and currencies
  • Dates
  • Prominence & Proximity
  • Attempted Disclosures
  • Tone of Voice
  • Semantic Similarity

 

How Does This Help?:
  1. Automated first-line review to streamline marketing-compliance communication.
  2. Standardisation & centralisation of legal and compliance requirements
  3. Reduction of human bias & errors through consistent reviews
  4. Instant & consistent feedback on content risks
  5. Suggested edits for compliant content
  6. Faster turnaround times & improved creative-to-market speed

To find out how ComplyPortal can improve your Financial Promotions processes, book a demo with us:

 BOOK A DEMO

 

Find out more about how the ComplyPortal platform can help firms adapt to new regulatory expectations at: https://complyportal.uk/modules/

 
 

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. 

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: 

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Approvals: authorise request and keep track of workflows
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • Training: access our LMS platform for all Compliance and Governance Training
 
CLICK HERE TO GET STARTED!

The post The Importance of Financial Promotions and the Risks of Non-Compliance appeared first on Complyportal.

]]> In Depth: Approvals Module https://complyportal.uk/in-depth-approvals-module/ Mon, 05 Aug 2024 08:03:34 +0000 https://stage.complyportal.uk/?p=14355 In Depth: Approvals Module Find out more about how ComplyPortal’s Approvals module can make your firms approval processes more efficient and compliant. All organisations must manage and control approval processes efficiently to avoid becoming a bottleneck in daily operations. Time is money and juggling multiple approval requests with the added challenge of remote work environments is no mean feat. With the tightening and introducing of new regulations, such as the FCA’s new Approval Gateway for Financial Promotions, and with the new Consumer Duty now in full effect for regulated firms, having a transparent and simple approval process with a full audit trail is now vital. Tracking approvals through traditional methods like email is increasingly difficult or even impossible given the volume and complexity of business needs today. Read on for more information about how our software makes managing and reporting Approvals much easier. Who is it for: All staff required to submit for approval, compliance officers and senior management responsible for granting approvals. Key features: Ready-to-use registers for Gifts and Inducements, Incident Reports, Personal Account Dealing, Conflict Checks, Broker Onboarding, and Financial Promotions Route requests to defined individuals or groups for approval Easily fit to bespoke workflow for multiple approval levels Notifications and alerts to make sure approval requests are reviewed and signed off efficiently Robust audit trail for ease of demonstrating compliance Option to add bespoke registers specific to your organisation’s needs Straightforward layout and operation for ease of use How it benefits you: Keeping accurate, easily accessible, and organised records of transaction approvals is an important element of compliance management. This not only creates clear audit trails for the regulator, but also helps keep your internal operations running smoothly by promoting transparency and ease of access within your own organisation. Making compliance concepts and processes more understandable and accessible helps to create a culture of compliance throughout your whole organisation. The Compliance Perspective: Regulations and good corporate governance require personnel to seek approval for various actions from Compliance or other senior people. Regulators will check whether the approval request is clear, what time it was submitted, by whom, what was requested, who approved it and why, whether any changes were required and the time of approval. Therefore, making sure that you have clear records of approvals, and any declinatures, is crucial. “Recording such information on paper or elsewhere is prone to errors. As such, having a dedicated tool to assist with meeting regulatory expectations is a powerful resource for regulated firms.” – Simon Chapman, Director at Complyport Find out more about our Monitoring module and the rest of the ComplyPortal platform at: https://complyportal.uk/modules About ComplyPortal – Compliance software since 2011: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes. Registers: lists controlled by the Compliance officer, but easy for staff to view. Risk: map and control risk areas to effectively identify and manage risk for your firm. Training: access our LMS platform for all Compliance and Governance Training CLICK HERE TO GET STARTED!  

The post In Depth: Approvals Module appeared first on Complyportal.

]]>

In Depth: Approvals Module

Find out more about how ComplyPortal’s Approvals module can make your firms approval processes more efficient and compliant.

All organisations must manage and control approval processes efficiently to avoid becoming a bottleneck in daily operations. Time is money and juggling multiple approval requests with the added challenge of remote work environments is no mean feat. With the tightening and introducing of new regulations, such as the FCA’s new Approval Gateway for Financial Promotions, and with the new Consumer Duty now in full effect for regulated firms, having a transparent and simple approval process with a full audit trail is now vital. Tracking approvals through traditional methods like email is increasingly difficult or even impossible given the volume and complexity of business needs today.

Read on for more information about how our software makes managing and reporting Approvals much easier.

Who is it for: All staff required to submit for approval, compliance officers and senior management responsible for granting approvals.

Key features:

  • Ready-to-use registers for Gifts and Inducements, Incident Reports, Personal Account Dealing, Conflict Checks, Broker Onboarding, and Financial Promotions
  • Route requests to defined individuals or groups for approval
  • Easily fit to bespoke workflow for multiple approval levels
  • Notifications and alerts to make sure approval requests are reviewed and signed off efficiently
  • Robust audit trail for ease of demonstrating compliance
  • Option to add bespoke registers specific to your organisation’s needs
  • Straightforward layout and operation for ease of use

How it benefits you:

Keeping accurate, easily accessible, and organised records of transaction approvals is an important element of compliance management. This not only creates clear audit trails for the regulator, but also helps keep your internal operations running smoothly by promoting transparency and ease of access within your own organisation. Making compliance concepts and processes more understandable and accessible helps to create a culture of compliance throughout your whole organisation.

The Compliance Perspective:

Regulations and good corporate governance require personnel to seek approval for various actions from Compliance or other senior people.

Regulators will check whether the approval request is clear, what time it was submitted, by whom, what was requested, who approved it and why, whether any changes were required and the time of approval. Therefore, making sure that you have clear records of approvals, and any declinatures, is crucial.

“Recording such information on paper or elsewhere is prone to errors. As such, having a dedicated tool to assist with meeting regulatory expectations is a powerful resource for regulated firms.” – Simon Chapman, Director at Complyport

Find out more about our Monitoring module and the rest of the ComplyPortal platform at: https://complyportal.uk/modules

About ComplyPortal – Compliance software since 2011:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • Training: access our LMS platform for all Compliance and Governance Training

CLICK HERE TO GET STARTED!

 

The post In Depth: Approvals Module appeared first on Complyportal.

]]> Document and Attestation Management: Essential for Operational Excellence https://complyportal.uk/document-and-attestation-management-essential-for-operational-excellence/ Wed, 03 Jul 2024 11:13:08 +0000 https://stage.complyportal.uk/?p=16639 Document and Attestation Management: Essential for Operational Excellence Explore how ComplyPortal enhances efficiency in your organisation’s processes Access to well organised information is a business standard that cannot be neglected in order for a firm to have successful operations. Whether a firm is large or small employees need to be able to access important information not only for compliance but in order to follow daily standard operations. Having organised documentation and systems can be the most basic step in ensuring a culture of organisation and efficiency across all employees. Something as simple as the inability to access documents can be the first break in a chain reaction of delay and miscommunication leading to further issues such as demotivation or even loss of information. It is common for firms to have their unique method of data storage whether its SharePoint or Teams folders or N drives but the spread across these systems is where issues can arise. Effectively implementing systems whereby employees know where they can find and access necessary information as well as integrating lines of communication is a valuable step in improving organizational operations. ComplyPortal’s cloud-based solution offers a central access point where information can be accessed, reviewed, attested & approved. This includes Registers, Documents, and Attestations modules. The three modules together can solve the issues raised in this article by providing the following: Registers: Permission based access point for employees to enter requested data Create relevant entries into existing stored lists Create follow-up tasks attached to specific entries Attestations: Create group or individual attestation/declaration tasks Automatic email reminders Create your own questionnaires to record necessary information Documents: Attest that documents have been read and agreed to Archive documents all in one secure central data store accessible anywhere Review of documents can be assigned to individuals or groups for completion and record approval trail. To see how these modules can improve your firm’s accessibility and organisation Book a Demo About ComplyPortal: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.  ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:  Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes. Approvals: authorise request and keep track of workflows Registers: lists controlled by the Compliance officer, but easy for staff to view. Risk: map and control risk areas to effectively identify and manage risk for your firm. Training: access our LMS platform for all Compliance and Governance Training [/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]  CLICK HERE TO GET STARTED!

The post Document and Attestation Management: Essential for Operational Excellence appeared first on Complyportal.

]]>

Document and Attestation Management: Essential for Operational Excellence

Explore how ComplyPortal enhances efficiency in your organisation’s processes

Access to well organised information is a business standard that cannot be neglected in order for a firm to have successful operations. Whether a firm is large or small employees need to be able to access important information not only for compliance but in order to follow daily standard operations.

Having organised documentation and systems can be the most basic step in ensuring a culture of organisation and efficiency across all employees. Something as simple as the inability to access documents can be the first break in a chain reaction of delay and miscommunication leading to further issues such as demotivation or even loss of information.

It is common for firms to have their unique method of data storage whether its SharePoint or Teams folders or N drives but the spread across these systems is where issues can arise. Effectively implementing systems whereby employees know where they can find and access necessary information as well as integrating lines of communication is a valuable step in improving organizational operations.

ComplyPortal’s cloud-based solution offers a central access point where information can be accessed, reviewed, attested & approved. This includes Registers, Documents, and Attestations modules. The three modules together can solve the issues raised in this article by providing the following:

Registers:

  • Permission based access point for employees to enter requested data
  • Create relevant entries into existing stored lists
  • Create follow-up tasks attached to specific entries

Attestations:

  • Create group or individual attestation/declaration tasks
  • Automatic email reminders
  • Create your own questionnaires to record necessary information

Documents:

  • Attest that documents have been read and agreed to
  • Archive documents all in one secure central data store accessible anywhere
  • Review of documents can be assigned to individuals or groups for completion and record approval trail.

To see how these modules can improve your firm’s accessibility and organisation Book a Demo

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. 

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: 

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Approvals: authorise request and keep track of workflows
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • Training: access our LMS platform for all Compliance and Governance Training
[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
 

CLICK HERE TO GET STARTED!

The post Document and Attestation Management: Essential for Operational Excellence appeared first on Complyportal.

]]> Compliance Headaches for 2023 – What Your Firm Should Know https://complyportal.uk/compliance-headaches-for-2023-what-your-firm-should-know-2/ Fri, 23 Feb 2024 10:55:40 +0000 https://stage.complyportal.uk/?p=14534 Compliance Headaches for 2023 – What Your Firm Should Know The FCA has proposed a significant number of changes that will have an impact on regulatory policy with many of these changes forming elements of the government’s wider Edinburgh Reforms. ComplyPortal recently hosted a brunch where Complyport facilitated a session highlighting some of the key areas of change and how these changes can impact firms. We have gathered some questions and insights from this event that your organisation may want to consider if you haven’t already. Consumer Duty The FCA unveiled the Consumer Duty, a new set of rules intended to enhance consumer protection within retail markets and minimize the amount of harm to retail consumers. In 2021, the FCA issued two consultation papers, and on 27 July 2022 the FCA released its finalised guidance that incorporated the vast majority of its proposals from those consultations. Firms must adhere to the rules for open products and services by the end of July 2023, and for closed books of business by July 2024. Taking this into account, Richard presented the following considerations to guests in attendance: Have you evidenced your plan and implementation?– A solid implementation plan should consider the following areas: define the end state target for gap assessment, consider how the elements of consumer duty come together, evidence outcomes and review products and services to meet higher standards. Have you read FCA’s areas of focus for firms implementing the Consumer Duty? – Upon reviewing a sample of implementation plans, the FCA has found that many firms have shown a thorough understanding and embrace the shift towards delivering good customer outcomes that the Duty will entail. But the FCA has also found that some firms are further behind in their planning and may be at risk to apply the Duty effectively once the rules come into force. Have you read the sector-specific “Dear CEO” letter recently issued by FCA? – From February 2023, the FCA rolled out sector-specific letters to CEOs as part of its publication of information and assistance in relation to the Consumer Duty. The extensive proposals will oblige firms to assess their suite of products, communication practices, and the entire customer journey, as well as to contemplate modifications in various areas including governance and accountability, management information and reporting, product design, pricing, distribution, service delivery, and staff training. Financial Promotions The FCA released a consultation paper titled “Introducing a Gateway for Firms that Endorse Financial Promotions” on December 6, 2022. The consultation paper outlines the FCA’s proposed framework for implementing a new gateway, which would mandate that firms seeking to continue approving financial promotions for unauthorised individuals must first seek permission to do so. At present, according to S21 of the Financial Services and Markets Act (FSMA), authorised firms bear the responsibility of guaranteeing that financial promotions comply with FCA regulations. These regulations include the stipulation that promotions must be transparent, impartial, and devoid of any misleading information, and that they must be either (i) promoted from an authorised firm; (ii) approved by an authorised firm; or (iii) it benefits from an exemption. The Financial Services and Markets Bill (the Bill) will introduce changes to the S21 regime. Among these changes is a new regulatory gateway for S21 approvals, which will be established through an amendment to FSMA. The FCA intends to set up the gateway as soon as the legislation is passed. With The Gateway on the horizon, Richard asserted “S21 approvers wanting to carry on this activity will likely need to submit a Variation of Permissions application later on this year.” For now, we must stay tuned to see how this Bill progresses and how it will be implemented in its’ final form. SMCR The Senior Managers and Certification Regime (SMCR) was first implemented for banks in 2016 across the banking sector and PRA-designated investment firms. SMCR replaced the previous Approved Persons Regime (APER). Later, in December 2018, insurers were also included under the SMCR. Then, in December 2019, the scope of the SMCR was further extended to encompass FCA-solo-regulated firms. SMCR was established in order to drive further responsibility and accountability within the UK finance industry, thus driving greater individual responsibility, behaviour and corporate governance within firms. Guests in attendance were keen to understand “what can we expect to see from the review of the SMCR announced by the Chancellor back in December 2022?” At present, clear objectives and possible outcomes from the reviews carried out by regulators and the government are pending. Firms also asked “is the current regime working well since it was introduced?” SMCR is still a relatively new regime only being introduced in 2018. However, Richard expressed that “greater levels of individual responsibility is a step in the right direction in firm’s undergoing due diligence and corporate governance”. How Can ComplyPortal Help? To conclude this session, Richard posed an important question for firms to consider: “What are some ways of testing your processes?” ComplyPortal is leading RegTech Software, which is designed by compliance professionals to help regulated firms simplify and digitise their regulatory compliance management in an easy-to-use cloud-based platform. ComplyPortal is assisting firms to prepare for these changes with a built-in assessment to identify gaps for Consumer Duty and Financial Crime programmes. These tools include: Our Consumer Duty Readiness Assessment questionnaires The management and approval of Financial promotions in ComplyPortal’s approval module Our Cloud-based training resources And more! CLICK HERE TO GET STARTED! About ComplyPortal: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes. Registers: lists controlled by the Compliance officer, but easy for staff to view. Risk: map and control risk areas to effectively identify and manage risk for your firm. eKYC solution: perform

The post Compliance Headaches for 2023 – What Your Firm Should Know appeared first on Complyportal.

]]>

Compliance Headaches for 2023 – What Your Firm Should Know

The FCA has proposed a significant number of changes that will have an impact on regulatory policy with many of these changes forming elements of the government’s wider Edinburgh Reforms.

ComplyPortal recently hosted a brunch where Complyport facilitated a session highlighting some of the key areas of change and how these changes can impact firms.

We have gathered some questions and insights from this event that your organisation may want to consider if you haven’t already.

Consumer Duty

The FCA unveiled the Consumer Duty, a new set of rules intended to enhance consumer protection within retail markets and minimize the amount of harm to retail consumers.

In 2021, the FCA issued two consultation papers, and on 27 July 2022 the FCA released its finalised guidance that incorporated the vast majority of its proposals from those consultations. Firms must adhere to the rules for open products and services by the end of July 2023, and for closed books of business by July 2024.

Taking this into account, Richard presented the following considerations to guests in attendance:

  • Have you evidenced your plan and implementation?– A solid implementation plan should consider the following areas: define the end state target for gap assessment, consider how the elements of consumer duty come together, evidence outcomes and review products and services to meet higher standards.
  • Have you read FCA’s areas of focus for firms implementing the Consumer Duty? – Upon reviewing a sample of implementation plans, the FCA has found that many firms have shown a thorough understanding and embrace the shift towards delivering good customer outcomes that the Duty will entail. But the FCA has also found that some firms are further behind in their planning and may be at risk to apply the Duty effectively once the rules come into force.
  • Have you read the sector-specific “Dear CEO” letter recently issued by FCA? – From February 2023, the FCA rolled out sector-specific letters to CEOs as part of its publication of information and assistance in relation to the Consumer Duty.

The extensive proposals will oblige firms to assess their suite of products, communication practices, and the entire customer journey, as well as to contemplate modifications in various areas including governance and accountability, management information and reporting, product design, pricing, distribution, service delivery, and staff training.

Financial Promotions

The FCA released a consultation paper titled “Introducing a Gateway for Firms that Endorse Financial Promotions” on December 6, 2022. The consultation paper outlines the FCA’s proposed framework for implementing a new gateway, which would mandate that firms seeking to continue approving financial promotions for unauthorised individuals must first seek permission to do so.

At present, according to S21 of the Financial Services and Markets Act (FSMA), authorised firms bear the responsibility of guaranteeing that financial promotions comply with FCA regulations. These regulations include the stipulation that promotions must be transparent, impartial, and devoid of any misleading information, and that they must be either (i) promoted from an authorised firm; (ii) approved by an authorised firm; or (iii) it benefits from an exemption.

The Financial Services and Markets Bill (the Bill) will introduce changes to the S21 regime. Among these changes is a new regulatory gateway for S21 approvals, which will be established through an amendment to FSMA. The FCA intends to set up the gateway as soon as the legislation is passed.

With The Gateway on the horizon, Richard asserted “S21 approvers wanting to carry on this activity will likely need to submit a Variation of Permissions application later on this year.”

For now, we must stay tuned to see how this Bill progresses and how it will be implemented in its’ final form.

SMCR

The Senior Managers and Certification Regime (SMCR) was first implemented for banks in 2016

across the banking sector and PRA-designated investment firms. SMCR replaced the previous Approved Persons Regime (APER). Later, in December 2018, insurers were also included under the SMCR. Then, in December 2019, the scope of the SMCR was further extended to encompass FCA-solo-regulated firms.

SMCR was established in order to drive further responsibility and accountability within the UK finance industry, thus driving greater individual responsibility, behaviour and corporate governance within firms.

Guests in attendance were keen to understand “what can we expect to see from the review of the SMCR announced by the Chancellor back in December 2022?” At present, clear objectives and possible outcomes from the reviews carried out by regulators and the government are pending.

Firms also asked “is the current regime working well since it was introduced?” SMCR is still a relatively new regime only being introduced in 2018. However, Richard expressed that “greater levels of individual responsibility is a step in the right direction in firm’s undergoing due diligence and corporate governance”.

How Can ComplyPortal Help?

To conclude this session, Richard posed an important question for firms to consider:

“What are some ways of testing your processes?”

ComplyPortal is leading RegTech Software, which is designed by compliance professionals to help regulated firms simplify and digitise their regulatory compliance management in an easy-to-use cloud-based platform. ComplyPortal is assisting firms to prepare for these changes with a built-in assessment to identify gaps for Consumer Duty and Financial Crime programmes. These tools include:

  • Our Consumer Duty Readiness Assessment questionnaires
  • The management and approval of Financial promotions in ComplyPortal’s approval module
  • Our Cloud-based training resources
  • And more!

CLICK HERE TO GET STARTED!

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach

CLICK HERE TO GET STARTED!

The post Compliance Headaches for 2023 – What Your Firm Should Know appeared first on Complyportal.

]]> Navigating the Financial Promotions Gateway Ahead of the FCA Deadline with ComplyPortal’s Approvals Module https://complyportal.uk/navigating-the-financial-promotions-gateway-ahead-of-the-fca-deadline-with-complyportals-approvals-module/ Thu, 01 Feb 2024 08:17:17 +0000 https://stage.complyportal.uk/?p=14423 Navigating the Financial Promotions Gateway Ahead of the FCA Deadline with ComplyPortal’s Approvals Module From 7th February 2024, the Financial Promotions Gateway regime  came into force and applies for FCA regulated firms that need to approve Financial Promotions. Any firms that previously approved financial promotions for unauthorised persons now must also be Section 21 approved or cease approving financial promotions for unauthorised persons until approval is granted.  Why did the change occur?  In the FCA’s initial consultation document, it said that it had seen clear evidence of consumers investing in high-risk products, that are simply not in line with their individual risk tolerance, due to poor quality approved financial promotions.  It claimed that in the worst cases, the performance of investments was drastically different from the claims made in promotions or the product had failed, therefore leading to significant and unexpected losses for retail investors. The data released by FCA on 2022 financial promotions showed substantial increased intervention activity further substantiating this claim and the need for greater compliance.  Under the new rules, firms are required to report back to the FCA on financial promotions they have approved in the last 3, 6 and 12 months, which the regulator said will help to crack down on rogue adverts and promotions.  Sarah Pritchard, Executive Director, Markets said:  “Social media and online advertising means that consumers are taking less time between seeing a promotion and making a financial decision. It is therefore essential that they are equipped with the right information at the right time so that they can make good financial decisions. This is especially important as we face the rising cost of living.”  What Does This Mean for Firms?  Firms which approve financial promotions for unauthorised persons must ensure the approvals process is as compliant and efficient as possible.   ComplyPortal’s Approvals Module offers simple, easy-to-use workflows providing speedy response and a robust audit trail for approvals requested by firms you approve financial promotions for.​   The Approvals Module comes with registers designed for functions such as logging and managing Financial Promotions and requests. Bespoke registers can be added, or selections made from our growing library of additional register templates with a full reporting function included within the tool to help you quickly and easily provide solid, audit driven records of all of your financial promotions that have been logged and approved.  Contact us today to book a free demo.   CLICK HERE TO GET STARTED!     About ComplyPortal:  First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.  ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:  Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes  Registers: lists controlled by the Compliance officer, but easy for staff to view  Risk: map and control risk areas to effectively identify and manage risk for your firm  Training: access our CMLS platform for all Compliance and Governance Training  Book a demo today.   

The post Navigating the Financial Promotions Gateway Ahead of the FCA Deadline with ComplyPortal’s Approvals Module appeared first on Complyportal.

]]>

Navigating the Financial Promotions Gateway Ahead of the FCA Deadline with ComplyPortal’s Approvals Module

From 7th February 2024, the Financial Promotions Gateway regime  came into force and applies for FCA regulated firms that need to approve Financial Promotions. Any firms that previously approved financial promotions for unauthorised persons now must also be Section 21 approved or cease approving financial promotions for unauthorised persons until approval is granted. 

Why did the change occur? 

In the FCA’s initial consultation document, it said that it had seen clear evidence of consumers investing in high-risk products, that are simply not in line with their individual risk tolerance, due to poor quality approved financial promotions. 

It claimed that in the worst cases, the performance of investments was drastically different from the claims made in promotions or the product had failed, therefore leading to significant and unexpected losses for retail investors. The data released by FCA on 2022 financial promotions showed substantial increased intervention activity further substantiating this claim and the need for greater compliance. 

Under the new rules, firms are required to report back to the FCA on financial promotions they have approved in the last 3, 6 and 12 months, which the regulator said will help to crack down on rogue adverts and promotions. 

Sarah Pritchard, Executive Director, Markets said: 

“Social media and online advertising means that consumers are taking less time between seeing a promotion and making a financial decision. It is therefore essential that they are equipped with the right information at the right time so that they can make good financial decisions. This is especially important as we face the rising cost of living.” 

What Does This Mean for Firms? 

Firms which approve financial promotions for unauthorised persons must ensure the approvals process is as compliant and efficient as possible.  

ComplyPortal’s Approvals Module offers simple, easy-to-use workflows providing speedy response and a robust audit trail for approvals requested by firms you approve financial promotions for.​  

The Approvals Module comes with registers designed for functions such as logging and managing Financial Promotions and requests. Bespoke registers can be added, or selections made from our growing library of additional register templates with a full reporting function included within the tool to help you quickly and easily provide solid, audit driven records of all of your financial promotions that have been logged and approved. 

Contact us today to book a free demo.  

CLICK HERE TO GET STARTED! 

  

About ComplyPortal: 

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. 

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: 

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes 
  • Registers: lists controlled by the Compliance officer, but easy for staff to view 
  • Risk: map and control risk areas to effectively identify and manage risk for your firm 
  • Training: access our CMLS platform for all Compliance and Governance Training 

Book a demo today. 

 

The post Navigating the Financial Promotions Gateway Ahead of the FCA Deadline with ComplyPortal’s Approvals Module appeared first on Complyportal.

]]> The FCA Proposes Stronger Rules on Financial Promotions to Help Protect Consumers https://complyportal.uk/fca-rules-financial-promotions/ Tue, 07 Feb 2023 08:45:38 +0000 https://stage.complyportal.uk/?p=14535 The FCA Proposes Stronger Rules on Financial Promotions to Help Protect Consumers What does this mean for regulated firms? On 3rd of February 2023, the Financial Conduct Authority posted data on 2022 financial promotions, which shows a significant increase in FCA intervention activity. This follows the Consultation Paper (CP22/27) which proposed measures to strengthen controls for firms who want to approve financial promotions. The FCA is committed to set higher standards across financial services and to protect consumers. The proposed changes introduced to Parliament by HM Treasury seek to require regulated firms to go through new screening checks before they are allowed to review and approve financial promotions, giving the FCA far greater oversight and the ability to clamp down on illegal, misleading or unfair financial marketing. The FCA is expected to publish a Policy Statement with the final rules in the first half of 2023. Why is this happening? In the FCA’s consultation document, it said that it had seen clear evidence of consumers investing in high-risk products, that are simply not in line with their individual risk tolerance, due to poor quality approved financial promotions. It claimed that in the worst cases, the performance of investments was drastically different from the claims made in promotions or the product had failed, therefore leading to significant and unexpected losses for retail investors. The data released by FCA on 2022 financial promotions showed substantial increased intervention activity further substantiating this claim and the need for greater compliance. Under the new rules, firms will also be required to report back to the FCA regularly on financial promotions they have approved, which the regulator said will help to crackdown on rogue adverts and promotions. Sarah Pritchard, Executive Director, Markets said: ‘Social media and online advertising means that consumers are taking less time between seeing a promotion and making a financial decision. It is therefore essential that they are equipped with the right information at the right time so that they can make good financial decisions. This is especially important as we face the rising cost of living. ‘These proposals will ensure those approving ads have the appropriate expertise and are held accountable for the promotions they sign off.’ Which Firms will need to consider the new standard? When final rules are published, the financial promotions gateway will be relevant to UK firms that approve the promotions and marketing materials of others in the market. Overseas firms who wish to promote financial products or services to UK retail clients will also be affected. Unless a financial promotion made by an overseas firm is exempt, under the new proposed rules, it must be made through or approved by a UK, FCA regulated firm. How ComplyPortal can help? ComplyPortal is leading RegTech Software, which is designed by compliance professionals to help regulated firms simplify and digitise their regulatory compliance management in an easy to use cloud based platform, including the management and approval of Financial promotions in ComplyPortal’s approval module. With the FCA’s proposal for stronger rules, it is imperative for all firms effected to create a robust and transparent process for the filing and approval of Financial Promotions. ComplyPortal helps many regulated firms to: Configure and automate detailed workflows for the requesting and approval of Financial Promotions Create a robust audit trail for any Financial Promotion requested by your firm Provide full and detailed reporting of all Financial Promotions requested, approved or rejected by your firm Show total transparency to the regulators that you as a firm are remaining compliant regarding the filing and approval of Financial Promotions Simplify your firm’s workflow and reduce the risk of human error CLICK HERE TO GET STARTED! About ComplyPortal: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, and several modules to help firms with control and regulatory compliance monitoring. ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows.

The post The FCA Proposes Stronger Rules on Financial Promotions to Help Protect Consumers appeared first on Complyportal.

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The FCA Proposes Stronger Rules on Financial Promotions to Help Protect Consumers

What does this mean for regulated firms?

On 3rd of February 2023, the Financial Conduct Authority posted data on 2022 financial promotions, which shows a significant increase in FCA intervention activity. This follows the Consultation Paper (CP22/27) which proposed measures to strengthen controls for firms who want to approve financial promotions. The FCA is committed to set higher standards across financial services and to protect consumers.

The proposed changes introduced to Parliament by HM Treasury seek to require regulated firms to go through new screening checks before they are allowed to review and approve financial promotions, giving the FCA far greater oversight and the ability to clamp down on illegal, misleading or unfair financial marketing. The FCA is expected to publish a Policy Statement with the final rules in the first half of 2023.

Why is this happening?

In the FCA’s consultation document, it said that it had seen clear evidence of consumers investing in high-risk products, that are simply not in line with their individual risk tolerance, due to poor quality approved financial promotions.

It claimed that in the worst cases, the performance of investments was drastically different from the claims made in promotions or the product had failed, therefore leading to significant and unexpected losses for retail investors. The data released by FCA on 2022 financial promotions showed substantial increased intervention activity further substantiating this claim and the need for greater compliance.

Under the new rules, firms will also be required to report back to the FCA regularly on financial promotions they have approved, which the regulator said will help to crackdown on rogue adverts and promotions.

Sarah Pritchard, Executive Director, Markets said:

‘Social media and online advertising means that consumers are taking less time between seeing a promotion and making a financial decision. It is therefore essential that they are equipped with the right information at the right time so that they can make good financial decisions. This is especially important as we face the rising cost of living.

‘These proposals will ensure those approving ads have the appropriate expertise and are held accountable for the promotions they sign off.’

Which Firms will need to consider the new standard?

When final rules are published, the financial promotions gateway will be relevant to UK firms that approve the promotions and marketing materials of others in the market. Overseas firms who wish to promote financial products or services to UK retail clients will also be affected. Unless a financial promotion made by an overseas firm is exempt, under the new proposed rules, it must be made through or approved by a UK, FCA regulated firm.

How ComplyPortal can help?

ComplyPortal is leading RegTech Software, which is designed by compliance professionals to help regulated firms simplify and digitise their regulatory compliance management in an easy to use cloud based platform, including the management and approval of Financial promotions in ComplyPortal’s approval module.

With the FCA’s proposal for stronger rules, it is imperative for all firms effected to create a robust and transparent process for the filing and approval of Financial Promotions. ComplyPortal helps many regulated firms to:

  • Configure and automate detailed workflows for the requesting and approval of Financial Promotions
  • Create a robust audit trail for any Financial Promotion requested by your firm
  • Provide full and detailed reporting of all Financial Promotions requested, approved or rejected by your firm
  • Show total transparency to the regulators that you as a firm are remaining compliant regarding the filing and approval of Financial Promotions
  • Simplify your firm’s workflow and reduce the risk of human error

CLICK HERE TO GET STARTED!

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows.

The post The FCA Proposes Stronger Rules on Financial Promotions to Help Protect Consumers appeared first on Complyportal.

]]> The Kalifa Review https://complyportal.uk/the-kalifa-review/ Tue, 08 Mar 2022 09:42:39 +0000 https://stage.complyportal.uk/?p=14611 The Kalifa Review After the first anniversary of the landmark review into UK fintech, what has changed in the industry—and what do firms need to know now? According to Ron Kalifa OBE, fintech is “a permanent, technological revolution”.  This, contained in his preface to the Kalifa Review of UK Fintech, explains in a nutshell why so much attention is being paid to this area of financial services. Financial services is often seen as a crown jewel in the UK economy, so it’s no wonder that one year ago we saw the results of a government-commissioned independent review into how to grow and develop the fast-growing fintech landscape. The Kalifa Review: Key Points The review recommends a 5-point delivery and action plan in the following areas:   Policy and Regulation: “dynamic leadership that protects consumers yet nurtures fintech activity and encourages competition” Skills: “ensuring fintech has a sufficient supply of domestic and international talent and the means to train and upskill our current and future workforce” Investment: “completing the funding ladder from start-ups right through to IPO” International: “a targeted approach to exports and inward investment” National Connectivity: “leveraging the output of fintechs across the UK and facilitating connectivity amongst them”    Each of these is expanded upon with action and policy recommendations laid out in the executive summary and full report, from shaking up the way the Competition and Markets Authority (CMA) works to creating a Centre for Finance, Innovation and Technology (CFIT) and examining the implications AI has on regulations. From point to point, the message is clear: the UK wants to encourage growth, innovation, and access to hold onto its crown as a global leader in fintech. While much of the report focuses on growing businesses through access to things like talent and funding, Supervisory technology (‘suptech’) is a new subset of fintech that regulated firms should be aware of regardless of their area of activity. On the other side of the technological development that the review aims to encourage are increased abilities and expectations on the part of regulators and supervisory bodies. Where other areas of fintech help individual consumers and businesses to conduct financial-related business and regulated activities more efficiently, suptech offers similar functions for regulators. Technological developments mean that regulators can be more powerful and efficient than ever in their oversight of regulated firms—and compliance professionals are increasingly turning to regulatory technology solutions so that they can keep up. With the triple threats of the covid-19 pandemic, a murky post-Brexit regulatory future, looming international competition, and ongoing developments in the cryptoasset space, industry leaders are keen to act swiftly in order to protect and develop the strength of fintech in the UK. In fact, Innovate Finance recently published an open letter signed by over 70 leading UK fintech companies calling for updated regulations to help progress the industry. It looks like while the Kalifa review is a detailed starting point, more needs to be done to advance UK fintech—and regulated firms must take care to evolve in tandem to stay on top of their compliance obligations.   Discover how ComplyPortal can help you adapt to new and future challenges at: https://complyportal.uk/modules    About ComplyPortal: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes. Registers: lists controlled by the Compliance officer, but easy for staff to view. Risk: map and control risk areas to effectively identify and manage risk for your firm. eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach  CLICK HERE TO GET STARTED! 

The post The Kalifa Review appeared first on Complyportal.

]]>

The Kalifa Review

After the first anniversary of the landmark review into UK fintech, what has changed in the industry—and what do firms need to know now?

According to Ron Kalifa OBE, fintech is “a permanent, technological revolution”.  This, contained in his preface to the Kalifa Review of UK Fintech, explains in a nutshell why so much attention is being paid to this area of financial services. Financial services is often seen as a crown jewel in the UK economy, so it’s no wonder that one year ago we saw the results of a government-commissioned independent review into how to grow and develop the fast-growing fintech landscape.

The Kalifa Review: Key Points

The review recommends a 5-point delivery and action plan in the following areas:

 
  • Policy and Regulation: “dynamic leadership that protects consumers yet nurtures fintech activity and encourages competition”
  • Skills: “ensuring fintech has a sufficient supply of domestic and international talent and the means to train and upskill our current and future workforce”
  • Investment: “completing the funding ladder from start-ups right through to IPO”
  • International: “a targeted approach to exports and inward investment”
  • National Connectivity: “leveraging the output of fintechs across the UK and facilitating connectivity amongst them”
 
 

Each of these is expanded upon with action and policy recommendations laid out in the executive summary and full report, from shaking up the way the Competition and Markets Authority (CMA) works to creating a Centre for Finance, Innovation and Technology (CFIT) and examining the implications AI has on regulations. From point to point, the message is clear: the UK wants to encourage growth, innovation, and access to hold onto its crown as a global leader in fintech.

While much of the report focuses on growing businesses through access to things like talent and funding, Supervisory technology (‘suptech’) is a new subset of fintech that regulated firms should be aware of regardless of their area of activity. On the other side of the technological development that the review aims to encourage are increased abilities and expectations on the part of regulators and supervisory bodies.

Where other areas of fintech help individual consumers and businesses to conduct financial-related business and regulated activities more efficiently, suptech offers similar functions for regulators. Technological developments mean that regulators can be more powerful and efficient than ever in their oversight of regulated firms—and compliance professionals are increasingly turning to regulatory technology solutions so that they can keep up.

With the triple threats of the covid-19 pandemic, a murky post-Brexit regulatory future, looming international competition, and ongoing developments in the cryptoasset space, industry leaders are keen to act swiftly in order to protect and develop the strength of fintech in the UK. In fact, Innovate Finance recently published an open letter signed by over 70 leading UK fintech companies calling for updated regulations to help progress the industry. It looks like while the Kalifa review is a detailed starting point, more needs to be done to advance UK fintech—and regulated firms must take care to evolve in tandem to stay on top of their compliance obligations.

 

Discover how ComplyPortal can help you adapt to new and future challenges at: https://complyportal.uk/modules

 
 

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach
 
CLICK HERE TO GET STARTED!
 

The post The Kalifa Review appeared first on Complyportal.

]]> Financial Promotions: Adapting To New Regulatory Expectations https://complyportal.uk/financial-promotions-adapting-to-new-regulatory-expectations/ Mon, 31 Jan 2022 09:47:17 +0000 https://stage.complyportal.uk/?p=14620 Financial Promotions: Adapting To New Regulatory Expectations Increasingly widespread marketing of financial promotions has prompted new actions from the FCA. How could your firm be affected, and what can you do to adapt? Growing concerns about consumer safety have prompted new action from the Financial Conduct Authority (FCA) relating to financial promotions. Two years in and out of lockdowns in a highly digital environment have meant that investing has become more and more accessible for the average consumer, leading to a rise of new and amateur investors. In turn, businesses have advertised their offerings accordingly—but in light of new research about how investment losses could significantly impact less experienced investors, more is being done to regulate how investments and financial promotions are advertised. In a recent update, the FCA explained that it is looking to “ensure firms that approve and communicate financial marketing have relevant expertise and understanding of the investments being offered, improve risk warnings on ads and ban incentives to invest, for example new joiner or refer-a-friend bonuses.” The regulator also plans to encourage “more robust” questioning to clarify the knowledge and experience of investors, and place greater scrutiny on high-risk investment advertising. New rules and a handbook are promised for summer 2022 and more detail on the FCA’s consultation is available here. What does this mean for businesses? In short, this is an expansion of the duty placed on regulated firms and on the regulator itself to help protect consumers. More scrutiny from above means that it is more important than ever to keep track of the financial promotions that your firm approves or denies. This can look like centralising your workflow approvals in one place for easy oversight and having clear audit trails to present to the regulator. Using dedicated compliance management software like ComplyPortal’s Approvals module helps compliance officers and senior managers with keeping accurate, easily accessible, and well-organised records. Tracking a firm’s internal approval process for a financial promotion is made simple with ComplyPortal, which automates workflows from the initial request through approval or declination of a financial promotion. As well as ready-to-use registers for Financial Promotions, users have the option to add bespoke registers specific to their organisation’s needs. With the many plates that compliance officers and senior managers have to spin, having a detailed and easy-to-use method of recording approvals brings some much-needed ease to the compliance management process.   Find out more about how the ComplyPortal platform can help firms adapt to new financial promotions expectations at: https://complyportal.uk/modules    About ComplyPortal: First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring. ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others: Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes. Registers: lists controlled by the Compliance officer, but easy for staff to view. Risk: map and control risk areas to effectively identify and manage risk for your firm. eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach  CLICK HERE TO GET STARTED! 

The post Financial Promotions: Adapting To New Regulatory Expectations appeared first on Complyportal.

]]>

Financial Promotions: Adapting To New Regulatory Expectations

Increasingly widespread marketing of financial promotions has prompted new actions from the FCA. How could your firm be affected, and what can you do to adapt?

Growing concerns about consumer safety have prompted new action from the Financial Conduct Authority (FCA) relating to financial promotions. Two years in and out of lockdowns in a highly digital environment have meant that investing has become more and more accessible for the average consumer, leading to a rise of new and amateur investors. In turn, businesses have advertised their offerings accordingly—but in light of new research about how investment losses could significantly impact less experienced investors, more is being done to regulate how investments and financial promotions are advertised.

In a recent update, the FCA explained that it is looking to “ensure firms that approve and communicate financial marketing have relevant expertise and understanding of the investments being offered, improve risk warnings on ads and ban incentives to invest, for example new joiner or refer-a-friend bonuses.” The regulator also plans to encourage “more robust” questioning to clarify the knowledge and experience of investors, and place greater scrutiny on high-risk investment advertising. New rules and a handbook are promised for summer 2022 and more detail on the FCA’s consultation is available here.

What does this mean for businesses?

In short, this is an expansion of the duty placed on regulated firms and on the regulator itself to help protect consumers. More scrutiny from above means that it is more important than ever to keep track of the financial promotions that your firm approves or denies. This can look like centralising your workflow approvals in one place for easy oversight and having clear audit trails to present to the regulator.

Using dedicated compliance management software like ComplyPortal’s Approvals module helps compliance officers and senior managers with keeping accurate, easily accessible, and well-organised records. Tracking a firm’s internal approval process for a financial promotion is made simple with ComplyPortal, which automates workflows from the initial request through approval or declination of a financial promotion. As well as ready-to-use registers for Financial Promotions, users have the option to add bespoke registers specific to their organisation’s needs.

With the many plates that compliance officers and senior managers have to spin, having a detailed and easy-to-use method of recording approvals brings some much-needed ease to the compliance management process.

 

Find out more about how the ComplyPortal platform can help firms adapt to new financial promotions expectations at: https://complyportal.uk/modules

 
 

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach
 
CLICK HERE TO GET STARTED!
 

The post Financial Promotions: Adapting To New Regulatory Expectations appeared first on Complyportal.

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