Broking Business: Spring 2022

read timeRead time: 34 mins

Welcome to our latest issue of Broking Business. With the 31 March 2022 deadline for implementing operational resilience frameworks fast approaching, Jessica Wills, Head of our Governance, Risk and Control Assurance (GRC) team offers our tips on what firms should be focusing on in the coming weeks.

Richard Willshire, Director in our GRC team, shares an update on the FCA’s Consumer Duty consultations and its anticipated new rules. Alongside the FCA’s
Consumer Duty update, the regulator has also published its consultation paper (CP21/34) on improving the Appointed Representatives (AR) regime, which identifies an increased risk of harm to consumers and markets, as a result of the expansion and complexity of AR models in financial service markets.  Richard explores what you should expect.

Regardless of their ownership or prevailing jurisdictional requirements, ESG and associated reporting should be a key focus of intermediaries. Partner, Martin Watson explores why this is and identifies some of the opportunities for businesses investing in this area. Although firms’ compliance with the CASS 5 client money rules is improving, the FCA has started to look at specific areas of the CASS rules in more detail. 

And finally, with delays to some tax refunds and the impact of group companies on ‘profit thresholds’ both affecting cash flow, it’s worth another look at the corporation tax payment on account process. See Tax Partner, Howard Jones’ article for more information.

We hope you find this edition useful and thought provoking. As always, please contact any of the team to discuss how we can support your business and, as always, do let us know your thoughts on future topics.