In this episode of RegNut, we introduce RegNut’s Horizon Scanning Scorecard and do a deep dive on some of the “Dear CEO” letters published by the FCA in January 2020.
Takeaways: three key messages coming from regulated firms to reflect on:
- Make sure you are delivering customer value. This links to the FCA primary objective of customer protection. There are some strong examples of firms getting in hot water for failing to do so, not to mention customer outcome features in every Firm letter.
- Ensure you can deliver the promised service – operational resilience. Given all the gaps in the service from some of the high street banks in the recent past, clearly, legacy tech and poorly articulated processes is no longer an excuse that flies.
- Be clear on who is going what (SMCR rollout). Sounds obvious but boundaries between teams is often blurred (Training for Actuaries – owned by HR as part of Training & development policy or Chief Actuary).
References & further reading:
- Regs: links to all Firm letters and consultations mentioned in the podcast are available at RegNut’s horizon scanning scorecard.
- Views: RegNut’s views and lessons learnt on the enforcement is summarised in our Mind the “Operational” Gap.
For more News, Views and Knowledge on all things Risk and Regulation, visit RegNut’s Blog.