Essential Compliance and Financial Services Learning Resources - CCL Academy | CCL Academy - UK

Anti-Greenwashing Rule

On 31st May 2024, the FCA’s Anti-Greenwashing Rule came into force. The new rule is designed to protect consumers by ensuring that sustainable products and services sold by firms are accurately described. Download this card to remind employees of the new Rule and the FCA's expectations.

Anti-Money Laundering Enforcement Trends

Anti-money laundering, terrorist financing and proliferation financing remain a key priority for regulators across the globe. Download this card to remind employees of common themes that arise across enforcement cases, and what can be done to help prevent them occurring at your firm.

Artificial Intelligence (AI)

This Learning Card covers the use of AI in financial services, governance and oversight, and the potential risks associated with AI. Share this card with your staff today.

Bribery Risk

Bribery and corruption can have a devastating impact on a business, a country's economy, and society. Download this card to remind employees of some of the key areas of bribery and what to look out for.

Complaints

Financial services firms are typically subject to specific regulatory obligations in relation to how they handle client complaints. Download this card to remind employees of the key reasons why complaints are important.

Conflicts of Interest

All financial services firms face inherent conflicts of interest in their business activities, and it is crucial that firms identify and manage such conflicts of interest between the firm or its employees and the firm’s customers. Here are three reminders to share with your staff.

Conduct Rules Update

On 31 July 2023, the FCA's new Consumer Duty comes into force. The Duty applies to firms that determine or have a material influence over retail customer outcomes. It therefore applies to all firms operating in the retail market, irrespective of whether the firm has a direct relationship with the customer. Share this card with your staff to keep them updated with the new conduct rules.

Consumer Duty

The impact of the FCA’s Consumer Duty initiative will be significant for firms that are involved in the distribution and/or manufacture of products and services to retail customers. In the FCA’s own words: “Be in no doubt: the Duty will be a significant shift in what we expect of firms. It means making lasting changes to culture and behaviour to consistently deliver good outcomes.” Share this card with relevant staff to help them understand the impact of the Duty and its three core elements.

Culture

Financial services regulators want to see a healthy compliance culture across firms where business is done in the right way. Share this card across your firm to remind employees why embedding a compliance culture is important.

Customer Due Diligence (CDD)

In April 2022, the FCA released its review of the financial crime controls at six challenger banks highlighting weaknesses which increased the financial crime risks both when onboarding customers and throughout the customer journey. Here are three key tips for employees to help prevent and detect financial crime with customer due diligence.

Cyber Security

With increasing cyber security incidents, it is vital for everyone within an organisation to understand the risks and take steps to mitigate them. Download this card to see some timely reminders for staff on their role in protecting the firm against cyber-attacks.

Data Protection

In October 2023, the UK Financial Conduct Authority (FCA) fined credit reporting agency, Equifax, £11 million for failing to manage and monitor the security of UK consumer data. The fine was in relation to a massive cyber attack in 2017, which resulted in hackers accessing the personal data of 13.8 million UK consumers. This learning card looks at complying with data protection law - covering what personal data is, how it can be used, and the importance of safeguarding it.

Domestic PEPs

In the wake of the recent Nigel Farage/Coutts de-banking controversy, the FCA has announced that it is reviewing the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms. The review is expected to conclude by the end of June 2024. Download this learning card to help raise awareness of domestic PEPs across your firm.

Fraud

Cifas, the UK's leading fraud prevention services, has warned that the cost of living crisis is providing criminals with new opportunities to steal personal and financial information. Download this card to remind employees of how they can help to reduce fraud at work.

Market Abuse

In June 2022, the FCA issued an update regarding its work to prevent and detect market abuse. In particular, the FCA outlined its monitoring techniques and approach to enforcement. Download this card to remind employees of their responsibilities under market abuse law and regulation.

Modern Slavery

The financial sector has an important role to play in preventing and detecting modern slavery - not only through a firm’s direct operations (e.g. staffing, procurement and supply chains) but also through its approach to investment, lending and client relationships. Download this card to remind employees how to prevent and detect modern slavery in their day to day.

Non-Financial Misconduct

In January 2024, Sarah Pritchard (FCA Executive Director for Markets and International), told the Treasury Committee’s ‘Sexism in the City’ inquiry that the regulator intended to intensify its efforts to tackle non-financial misconduct (e.g. bullying, sexual harassment and racially motivated misconduct) across the City. This follows the regulator's consultation paper in 2023 which proposed new rules to promote diversity and inclusion in the industry and enhance the rules and guidance in relation to non-financial misconduct. A summary of these enhancements is set out in this card.

Proliferation Financing

Give your staff insight into the potential risks associated with proliferation financing with this learning card.

Remote/Hybrid Working

With the increase in remote and hybrid working arrangements, it’s important for all staff to understand their responsibilities when working remotely. Download this card to remind employees how to reduce risk while working in a remote or hybrid environment.

Sanctions

Getting financial sanctions wrong can be expensive in terms of the penalties that might be applied and can be damaging to a firm's reputation. Download this card to remind employees of some of the key things to keep in mind in terms of financial sanctions.

Trade Based Financial Crime (TBFC)

For frontline and operations staff working in trade finance, identifying, assessing and mitigating trade risk is a vital and often complex task. To facilitate this, this card provides you with three broad areas of focus and some relevant questions to share with your staff.

Vulnerable Customers

In a survey published in May 2022, 55% of people reported that their health has been negatively impacted by the rising cost of living (YouGov/Royal College of Physicians). With the FCA spotlight on delivering good outcomes for customers, download this card to support your staff in understanding and responding to signs of vulnerability.

Whistleblowing

Whistleblowing procedures are regarded as a crucial part of effective corporate governance and a key back-stop for a positive compliance culture in firms. Download this card to remind employees of some of the reasons why whistleblowing is key.