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ARTICLE · 24 NOVEMBER 2023

Dear CEO: FCA's New Warning

Herrington Carmichael LLP
Herrington Carmichael LLP
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Herrington Carmichael LLP

Herrington Carmichael LLP

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‘Our supervision will become more targeted, intrusive and assertive' is what the FCA has to say to Wealth Managers and Stockbroker firms in its latest "Dear CEO" letter dated 8 November 2023.

United KingdomConsumer Protection
Mark Chapman
Mark Chapman
Katrina Banks
Katrina Banks
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'Our supervision will become more targeted, intrusive and assertive' is what the FCA has to say to Wealth Managers and Stockbroker firms in its latest "Dear CEO" letter dated 8 November 2023.

The FCA has called for firms to pay attention to all of their regulatory obligations, such as those concerning financial crime and Consumer Duty, as well as focusing on products and services and consumer understanding, and price and value. The letter is aimed at wealth management and stockbroking firms, highlighting the FCA's assessment of the sector's key harms and its updated supervisory priorities to prevent financial crime and meeting Consumer Duty outcomes.

The letter acknowledges that the sector is experiencing a time of significant regulatory change, but that the scale of consumers in the sector is substantial, making it one of the higher risk sectors of financial services firms in England and Wales.

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