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The UK’s regulatory landscape is expected to change significantly as the Financial Conduct Authority (FCA) brings in new requirements for payments and e-money firms in 2023.
A new report from fscom aims to guide companies on where to focus their efforts over the coming year to keep their compliance process ahead of the evolving regulatory landscape.
The report covers consumer duty, operational resilience, cyber security, financial crime, and other critical areas where the regulator expects companies to manage risks.
Among the main changes it identifies are:
- The Consumer Duty imposes deadlines for companies to take action to protect consumers by the end of April and the end of July.
- Applications for authorisation are likely to require more preparation than in previous years.
- The regulator is becoming more proactive, for example through Dear CEO letters and Skilled Person Reviews.
- New ESG requirements are expected, particularly around social and governance factors.
The report focuses on payments and e-money institutions in the UK, but it also has relevance for the wider financial sector.
You can download the report for free here.
Or to speak to any of our experts about how we can help your business prepare for the coming regulatory changes, contact us today!