Delighted to learn and share that Jersey’s MoneyVal assessment has been reported this morning as a success, with the highest rating of an International Financial Centre and confirmation that Jersey is in the top 10% of countries assessed from a technical compliance and effectiveness perspective. Relevant excerpts of the JFSC’s press include the following: - The publication today of Jersey’s Mutual Evaluation Report by MONEYVAL, the Council of Europe’s permanent monitoring body, confirms that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world. The report also confirms that the JFSC has all the key structures, powers and activities in place. Assessors recognised the strengths of the beneficial ownership regime, and JFSC colleagues’ knowledge, skills and expertise. - In line with the report’s recommended actions, we must now continue to enhance our approach. We have put in place a high-level action plan to address the key recommended actions and will expand further on this in the autumn, along with a programme of industry engagement. - Alongside announcing the outcome of Jersey’s MONEYVAL report, the Government of Jersey has today announced that they will lead a strategic review of the approach to regulation of financial and professional services.” This further reinforces the calibre of what Jersey does day in and day out. We should be proud. Below is a link to the JFSC press release and full MoneyVal report.
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Partner | Financial Services | Outsourcings | Operational Resilience | Complex Commercial Contracts | CMS | Women Who Work
🤩 The Critical Third Parties final policy and rules have been published today 🤩 The new CTPs regime comes into force from 1 January 2025 and will be hugely significant for designated CTPs to the UK financial sector 🌟 The Policy Statement issued jointly by the Financial Conduct Authority, PRA and Bank of England provides feedback to responses received to the Consultation Paper earlier this year. From an initial look, there are some helpful clarifications as a result of the responses, eg: ➡️ The term “material service” is no longer used in favour of “systemic third party services” which flags that the concern relates more to systemic risk posed by potential disruption or failure of these services ➡️ The Fundamental Rules (except Rule 6) apply only to systemic third party services only ➡️ Supply chain risk management has been limited to key Nth party service providers only ➡️ There is no need to have a bespoke financial sector incident management playbook where existing compliant policies and procedures can be used instead ➡️ There is some additional clarity on what “acting in a prudent manner” means, as well as non exhaustive examples 💡 It is interesting that the regulators have noticed that there are knowledge gaps in CTPs’ responses. This could be an obstacle to effective implementation of the regime. But this should not be surprising given CTPs have not been regulated directly before. Compliance with the spirit of the rules (not just the letter) is likely to need to be an iterative process for CTPs in their move towards embedding regulatory rules and expectations for the first time. 🎉 Please let Angela Greenough or I know if you have any questions. #criticalthirdparties #ctps #fca #pra #boe #regulators #financialservices #policystatement #supplychain #outsourcing #regulation #groundbreaking #riskmanagement #opres #operationalresilience #compliance #culture
Financial Regulation Specialist | Operational Resilience | Third-Party Risk Management (TPRM) | Corporate Governance | Policy Development | Cyber/ICT Risk | Regulatory Compliance | Strategic Leadership
Today, the Bank of England, Prudential Regulation Authority and Financial Conduct Authority ('the regulators') have published our joint final policy and rules for critical third parties to the UK financial sector (CTPs). We have also published a 'CTP Approach Document' containing guidance on how CTPs will be overseen in practice, This publication represents the culmination of three years' work and close collaboration among the regulators, and all parts of the financial services ecosystem, including financial services firms and multiple third party service providers. The amount of people who have contributed to the development of this policy is far too large to list individually, but I would like to thank each and everyone of them. Please see below links to a joint foreword, the FCA's press release, the final policy statement (which has all the policy documents annexed), and the final supervisory statement. I have also included a link to a MoU, which has been laid before Parliament today, setting out how the three regulators will work together in our oversight of CTPs. https://lnkd.in/eAzsw8Gh https://lnkd.in/eRpfnqfQ https://lnkd.in/eH9-dfg9 https://lnkd.in/eGVsWpJx https://lnkd.in/epyWNGPM
Joint foreword: Critical third parties to the UK financial sector
bankofengland.co.uk
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Today, the Bank of England, Prudential Regulation Authority and Financial Conduct Authority published our joint final policy and rules for critical third parties to the UK financial sector (CTPs). We have also published a 'CTP Approach Document' containing guidance on how CTPs will be overseen in practice. This new regime marks the culmination of several years' of collaborative policy development with all parts of the financial services ecosystem, including numerous third party service providers, and represents a major landmark for the resilience of the UK’s financial system. Please see below links to a joint foreword, the final policy statement (with all the policy documents annexed), the final supervisory statement and the FCA's press release. https://lnkd.in/eYSQdXjN https://lnkd.in/eDfp9SNY https://lnkd.in/e3h5CCsq https://lnkd.in/eC6WWHG6
Joint foreword: Critical third parties to the UK financial sector
bankofengland.co.uk
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Such a significant policy that will add so many benefits to the financial services sector and beyond. At the very least this sets out the blueprint of best practice which the regulators will enforce with critical third parties that many organisations do not have a voice with. I am looking forward to seeing the implementation of this transformative change.
Financial Regulation Specialist | Operational Resilience | Third-Party Risk Management (TPRM) | Corporate Governance | Policy Development | Cyber/ICT Risk | Regulatory Compliance | Strategic Leadership
Today, the Bank of England, Prudential Regulation Authority and Financial Conduct Authority ('the regulators') have published our joint final policy and rules for critical third parties to the UK financial sector (CTPs). We have also published a 'CTP Approach Document' containing guidance on how CTPs will be overseen in practice, This publication represents the culmination of three years' work and close collaboration among the regulators, and all parts of the financial services ecosystem, including financial services firms and multiple third party service providers. The amount of people who have contributed to the development of this policy is far too large to list individually, but I would like to thank each and everyone of them. Please see below links to a joint foreword, the FCA's press release, the final policy statement (which has all the policy documents annexed), and the final supervisory statement. I have also included a link to a MoU, which has been laid before Parliament today, setting out how the three regulators will work together in our oversight of CTPs. https://lnkd.in/eAzsw8Gh https://lnkd.in/eRpfnqfQ https://lnkd.in/eH9-dfg9 https://lnkd.in/eGVsWpJx https://lnkd.in/epyWNGPM
Joint foreword: Critical third parties to the UK financial sector
bankofengland.co.uk
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Business Continuity Manager @ LSEG | Certified Business Continuity Professional
It’s imperative to stay informed about these regulatory changes. Understanding the implications of the CTP policies and the supervisory approach will be crucial for ensuring compliance and maintaining robust operational resilience.
Financial Regulation Specialist | Operational Resilience | Third-Party Risk Management (TPRM) | Corporate Governance | Policy Development | Cyber/ICT Risk | Regulatory Compliance | Strategic Leadership
Today, the Bank of England, Prudential Regulation Authority and Financial Conduct Authority ('the regulators') have published our joint final policy and rules for critical third parties to the UK financial sector (CTPs). We have also published a 'CTP Approach Document' containing guidance on how CTPs will be overseen in practice, This publication represents the culmination of three years' work and close collaboration among the regulators, and all parts of the financial services ecosystem, including financial services firms and multiple third party service providers. The amount of people who have contributed to the development of this policy is far too large to list individually, but I would like to thank each and everyone of them. Please see below links to a joint foreword, the FCA's press release, the final policy statement (which has all the policy documents annexed), and the final supervisory statement. I have also included a link to a MoU, which has been laid before Parliament today, setting out how the three regulators will work together in our oversight of CTPs. https://lnkd.in/eAzsw8Gh https://lnkd.in/eRpfnqfQ https://lnkd.in/eH9-dfg9 https://lnkd.in/eGVsWpJx https://lnkd.in/epyWNGPM
Joint foreword: Critical third parties to the UK financial sector
bankofengland.co.uk
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Financial Regulation Specialist | Operational Resilience | Third-Party Risk Management (TPRM) | Corporate Governance | Policy Development | Cyber/ICT Risk | Regulatory Compliance | Strategic Leadership
Today, the Bank of England, Prudential Regulation Authority and Financial Conduct Authority ('the regulators') have published our joint final policy and rules for critical third parties to the UK financial sector (CTPs). We have also published a 'CTP Approach Document' containing guidance on how CTPs will be overseen in practice, This publication represents the culmination of three years' work and close collaboration among the regulators, and all parts of the financial services ecosystem, including financial services firms and multiple third party service providers. The amount of people who have contributed to the development of this policy is far too large to list individually, but I would like to thank each and everyone of them. Please see below links to a joint foreword, the FCA's press release, the final policy statement (which has all the policy documents annexed), and the final supervisory statement. I have also included a link to a MoU, which has been laid before Parliament today, setting out how the three regulators will work together in our oversight of CTPs. https://lnkd.in/eAzsw8Gh https://lnkd.in/eRpfnqfQ https://lnkd.in/eH9-dfg9 https://lnkd.in/eGVsWpJx https://lnkd.in/epyWNGPM
Joint foreword: Critical third parties to the UK financial sector
bankofengland.co.uk
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Great to see this get over the line. Looking forward to seeing which firms are designated CTPs and how this then takes effect. Transparency will drive the sector to greater resilience
Financial Regulation Specialist | Operational Resilience | Third-Party Risk Management (TPRM) | Corporate Governance | Policy Development | Cyber/ICT Risk | Regulatory Compliance | Strategic Leadership
Today, the Bank of England, Prudential Regulation Authority and Financial Conduct Authority ('the regulators') have published our joint final policy and rules for critical third parties to the UK financial sector (CTPs). We have also published a 'CTP Approach Document' containing guidance on how CTPs will be overseen in practice, This publication represents the culmination of three years' work and close collaboration among the regulators, and all parts of the financial services ecosystem, including financial services firms and multiple third party service providers. The amount of people who have contributed to the development of this policy is far too large to list individually, but I would like to thank each and everyone of them. Please see below links to a joint foreword, the FCA's press release, the final policy statement (which has all the policy documents annexed), and the final supervisory statement. I have also included a link to a MoU, which has been laid before Parliament today, setting out how the three regulators will work together in our oversight of CTPs. https://lnkd.in/eAzsw8Gh https://lnkd.in/eRpfnqfQ https://lnkd.in/eH9-dfg9 https://lnkd.in/eGVsWpJx https://lnkd.in/epyWNGPM
Joint foreword: Critical third parties to the UK financial sector
bankofengland.co.uk
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“In an official “remit” letter addressed to Financial Conduct Authority (#FCA) boss, Nikhil Rathi, the chancellor, Rachel Reeves, said regulations meant to protect consumers should not stand in the way of “sensible risk-taking” by investors and the wider financial sector, which includes #banks, #assetmanagers and insurers.” #Policy #Govermentpolicy #Risk #Regulation #FCA #Investors
Reeves tells City regulator to encourage more risk-taking in financial sector
theguardian.com
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The Bank of England's Governor has recently endorsed the idea of publicly naming financial firms under investigation by the Financial Conduct Authority. According to Andrew Bailey, this would enhance consumer protection, transparency, and accountability within the financial sector. This proposal could potentially make financial regulation more accessible to the public, but it could also lead to reputational challenges for firms. Nonetheless, it pushes for a higher standard of compliance and integrity within the industry, aligning with the public's growing demand for financial transparency. 🤔 Discussion Point: An intriguing question arises about the outcomes of these investigations. What proportion of Financial Conduct Authority investigations into firms result in findings of actual breaches, both positive and negative? This information could provide valuable insights into the effectiveness and fairness of regulatory practices. It could also help determine whether "naming and shaming" outweighs secrecy at the expense of actual and potential harm to consumers. #FinancialRegulation #Transparency #Compliance #FCA #BoE #FinancialServices
Bank of England chief backs naming financial firms under investigation
msn.com
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A state regulators group is proposing to limit just who can hold themselves out to the public as a financial “advisor.” The North American Securities Administrators Association also wants to give state regulators authority to enforce the same Reg BI conduct standard federal watchdogs apply to broker-dealers. Mark Quinn, the director of regulatory affairs at Cetera, calls recent revisions to the second proposal a “vast improvement.” But there is still time to submit comments. #regulation #financialplanning #financialadvisor #finance
NASAA wants to limit who can call themselves 'advisors'
financial-planning.com
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Last week, Gilbert + Tobin hosted its annual Financial Services Forum, featuring a panel discussion on the Regulatory Initiatives Grid. COBA CEO Michael Lawrence was privileged to speak on the panel alongside industry peers ABA CEO Anna Bligh, ASIC Commissioner Kate O’Rourke, and Treasury Assistant Secretary, Regulators and Capital Markets Branch Lauren Hogan. The session explored how the Grid impacts the financial services sector and strategies for setting it up to succeed. On the panel, Michael highlighted: 💡 The significant and ongoing regulatory changes over the last 15 years and the disproportionate challenges this poses to smaller banks. 💡 The importance of the Grid in improving transparency and accountability, while also providing opportunities for greater coordination between agencies on regulatory projects. 💡 The role that COBA and other industry associations play in convincing the Government on the need to adopt the Grid. 💡 The benefits that the Grid will bring to customer-owned banks and to the financial services industry more broadly. This was a valuable opportunity to discuss how we can shape a more transparent and coordinated regulatory landscape to support a fairer, more resilient financial sector for all.
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Member at Miller & Chevalier
5moHey Martin!