Smaller Firms – In the shadows or under the spotlight?

Posted by Julie Pardy on May 26, 2020

I’ve heard it said before…  “The FCA have got bigger fish to fry, they aren’t going to be looking into how our business operates.  There are only 400 of us and we are not a fixed portfolio firm with a named supervisor. We think they have probably forgotten who we are since they authorised us…..”

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Topics: SM&CR

How firms should handle complaints during coronavirus

Posted by Carla Monson on May 21, 2020

Never has operational resilience been more important

 

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FCA – A transformation in the offing or just cosmetic change?

Posted by Julie Pardy on May 6, 2020

The FCA has recently published its business plan for 2020/21, setting out its strategic focus for the next three years.

As you might expect in the current climate, it’s shorter than usual, with a focus on potential market disruption caused by COVID-19, but still manages to convey key areas of concern.

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Topics: SM&CR

COVID-19, SM&CR and Regulatory flexibility!

Posted by Julie Pardy on May 5, 2020

Pandemic, Senior Manager Accountabilities and flexibility are not really a selection of words that anyone would have envisioned being joined together only a few months ago...

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Topics: SM&CR

#2 Complaints handling. Meeting consumer expectations in a new decade

Posted by Sarah Lawrence on March 2, 2020

In the second of our series of guest blogs on key issues for complaints handling, Sarah Lawrence, former Technical Manager at Financial Ombudsman Service explains why quick answers aren't always the best approach to complaints handling.

In a world of increasing technology and self-service, we still find that a significant number of people still feel the need to connect with another human being when things have gone wrong.  But, in a world that needs ever faster resolutions, it can seem puzzling to see that overall customer satisfaction has fallen over the past two years, according to the Institute of Customer Service.  Surely with increasing speed and technology, comes better customer experience?

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Topics: complaints, regulation, FCA, DISP

#1 The Complaints regulatory landscape in 2020 - Looking back to look forward

Posted by Sarah Lawrence on March 2, 2020

In the first of our series of guest blogs on key issues for complaints handling, Sarah Lawrence, former Technical Manager at Financial Ombudsman Service takes a look at what we can anticipate from the Regulator in 2020

You may remember that way back in 2019 the Financial Conduct Authority (FCA) published its Business Plan and we commented on the small paragraph on page 15, that seemed to give a huge signpost to the way the FCA would be pushing its regulatory agenda in the future.  You can find the whole report here , but just to refresh your memories it said:

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Topics: complaints, regulation, FCA, DISP

The 5 reasons your senior manager will give you for doing nothing and how to overcome them

Posted by Carla Monson on December 10, 2019

For solo-regulated firms, the SM&CR implementation date has arrived.  We’re proud to have successfully prepared some of the UK’s best known financial brands for this impending regime.  What we have also discovered is that surprisingly, many firms are still not ready and there’s a surprising reason as to why. 

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Topics: SM&CR

Managing SM&CR in Recognise

Posted by Peter Griffiths on November 21, 2019

Part of the City of London Group (COLG), Recognise was formed to provide financial services to the UK SME sector and the retail and business deposits market. Recognise will target an under-served but growing business customer population seeking greater human contact, better speeds of response and execution, flexibility of structuring and continuity of management.

Whilst still in the process of gaining a banking licence from the regulator, Recognise are confident of being granted one. With that in mind, the exec team have been actively planning operational processes, including the implementation of SM&CR.

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Topics: SM&CR

How Moneybarn Developed Their Accredited Staff Induction Programme

Posted by Peter Griffiths on November 21, 2019

Moneybarn began life in 1992 after recognising the need to help everyday people get the vehicle finance they need to live their lives, even if they’ve had difficulties getting loans elsewhere. Applying a clear focus on fair and responsible lending helped Moneybarn grow steadily until, in 2014, it was acquired by Provident Financial Group. Since then, growth has accelerated with progressive year-on-year increase in headcount.

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The Do's & Don'ts of Delegation

Posted by Julie Pardy on October 28, 2019

CONCON 4.2 SC1: "You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively"

"You can delegate authority but you can not delegate responsibility"

Former U.S. Senator Byron Dorgan

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Topics: SM&CR

Five key questions you need to answer for yourself in readiness for the SM&CR regulation:

  • Do you understand the full implications of the new regime?
  • Have you considered the impact of the regime on your business and your staff?
  • Do you understand the impacts of embedding the regime into business as usual?
  • Does your organisation appreciate the value of future proofing your systems and processes?
  • Are  you confident in your existing systems and processes to deliver SM&CR compliance?

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