Regulatory

In this article we explore whether asset managers should have a team dedicated to delivery nothing but regulatory change

The Financial Services and Markets Act 2023 & Edinburgh / Mansion House Reforms will be occupying minds for a while to come.

As anyone in the asset management industry will know, there is a 28th May 2024, implementation date for the move to T+1 settlement for transactions in US cash equities, corporate debt, and unit investment trusts. The transition to a T+1 settlement cycle in the US will have a significant impact on asset management firms.

Read below for more information into the key areas which will be impacted.

With the end of July deadline for Consumer Duty fast approaching, we thought it would be useful to remind industry participants about the FCA podcasts for the 4 outcomes

Firms has less than two months to implement the Consumer Duty, which comes into force on 31st July.

Four key outcomes that firms need to assess under the Consumer Duty:

– Products & services
– Price & value
– Consumer understanding
– Consumer support

The FCA’s approach to Sustainable Development Goals (SDGs) involves both cross-cutting measures and category-specific measures, each with a different focus and objective.

Cross-cutting measures are designed to address sustainability challenges that cut across multiple sectors and industries. These measures aim to ensure that sustainability considerations are integrated into investment decisions across different asset classes and investment categories. For example, cross-cutting measures may involve integrating environmental, social, and governance (ESG) factors into investment decision-making, regardless of the specific investment category.

The Financial Conduct Authority (FCA) requires for firms to implement operational resilience plans by 31st May 2022. As it stands, we are 1 year into a 3-year implementation period running from 31st March 2022 to 31st March 2025. By May 2023, firms should have made significant progress towards operational resilience and be ready to report where Impact Tolerances are exceeded