FCA outlines sectoral harms

A treatise from the regulator on its concerns inseven key financial sectors is a shot across the bow for firms to get theirrelated affairs in order. Expect more supervisory or even enforcement activityin these areas coming down the track, warns Denis O’Connor.

Denis O’Connorisa fellow of both the Institute of Chartered Accountants in England & Walesand the Chartered Institute of Securities and Investment. He was a member ofthe British Bankers’ Association Money Laundering Committee from 2003-10 and amember of the Joint Money Laundering Steering Group’s board and editorial panelbetween 2010 and 2016. He has been a frequent speaker at industry conferenceson financial crime issues, both in the United Kingdom and abroad.

Compliance Monitor readers would be well advised to review the recently-publishedFinancial Conduct Authority’s Sector Views [1] as it outlines their outlook ofhow each of seven sectors are performing; it also provides an indication of itsconcerns and, hence, a focus for future regulatory work.