FCA publishes final report outlining its ICARA observations

On 27th November 2023 the UK Financial Conduct Authority (“FCA”) published its final report outlining how investment firms are engaging with the Internal Capital Adequacy and Risk Assessment (“ICARA”) process introduced by MiFIDPRU on 1st January 2022. The report builds upon the initial feedback provided by the FCA in February. The final report is essential […]

FCA publishes letter to wholesale brokers

The FCA has published a portfolio letter setting out a new strategy for supervising wholesale brokers. The letter notes that periods of sustained volatility since 2019 have heightened financial, credit, liquidity and operational risks. The FCA observed that some firms’ liquidity risk management and stress testing was not fit for the current market environment. The […]

The FCA’s largest fine of 2022 – a lesson in regulatory change management

The FCA fined Citigroup Global Markets Limited (“CGML”) £12.6m for failing to properly implement the Market Abuse Regulation (“MAR”). Regulatory change is coming thick and fast for financial services firms, making effective change management controls more important than ever.  Below we look at some of the underlying failures in this case, in the hope that […]