Conduct Risk: Tackling the Burning Platform

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A regulatory priority has now become a reputational and industry-wide risk. A regulatory priority has now become a reputational and industry-wide risk. For firms who want to rise to the challenge, Conduct Risk presents an opportunity to develop competitive advantage – retail and wholesale alike. The management of conduct which might disadvantage customers is a […]

A regulatory priority has now become a reputational and industry-wide risk.

A regulatory priority has now become a reputational and industry-wide risk. For firms who want to rise to the challenge, Conduct Risk presents an opportunity to develop competitive advantage – retail and wholesale alike.

The management of conduct which might disadvantage customers is a clear regulatory priority for retail financial services firms.

Drawing on lessons from Payment Protection Insurance, the FSA has demanded that firms deal with the risks much earlier in the product process.

As the Financial Conduct Authority (FCA) evolves out of the Financial Services Authority (FSA), this priority was expected to increase, with greater regulatory assertiveness and intrusion.

But US and UK regulatory enforcement actions on major banks in relation to the fixing of LIBOR now puts banking and general financial services conduct under further public and regulatory scrutiny of practices and ethics.

It also creates a challenge for firms who want to separate themselves from the negative impact of industry-wide reputational damage.

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