The COMPLY UK Virtual Customer Summit is here! The conference brought together experts and our customers from across the country, all in the name of regulatory compliance education. Sessions ranged from ESG compliance to the FCA’s new approach toward enforcement actions to AI compliance.
Now that we’ve wrapped up the event, we’re sharing some of the top takeaways we heard from our industry-leading speakers today.
Top takeaways from the COMPLY UK Virtual Customer Summit
Attendees have already gained some incredibly valuable insight, and we have more in store for them! These are some of the top takeaways from today’s sessions:
1. Transparency in enforcement actions.
UK Director, Compliance Advisory Jessica Freckleton said, “The FCA plans to be more transparent about who they’re investigating and why they’re investigating.”
The FCA is planning to increase transparency regarding its enforcement investigations. This includes disclosing who is being investigated and the rationale behind the investigation. While she noted that “this has become quite a divisive subject” in the industry, this shift towards openness intends to enhance public trust in the regulatory process.
2. Focus on greenwashing and consumer protection.
The FCA is actively tackling the issue of greenwashing, where firms make misleading claims about their environmental sustainability efforts. The new “anti-greenwashing rule” aims to ensure transparency in ESG (Environmental, Social, and Governance) communications by FCA-registered firms. This highlights the FCA’s commitment to protecting consumers from deceptive practices.
3. The powerful role of Artificial Intelligence (AI) in financial services.
While AI can be a powerful tool, its implementation requires careful consideration. Firms need to establish clear internal policies regarding AI compliance, including defining acceptable applications and potential risks. This proactive approach will ensure responsible integration of AI technology and navigate potential regulatory scrutiny from the FCA.
4. US market attractiveness for investment advisers.
The US investment adviser industry is experiencing growth, with a rise in the number of advisers and assets under management. Chief Regulatory Officer John Gebauer said, “The number of investment advisers has increased by 2% and the assets under management has increased by almost 13%.” This suggests a potentially lucrative market for non-US investment advisers considering registration in the US.
5. US market opportunities and regulatory overlap.
The growth of the US investment adviser market presents potential opportunities for expansion. However, firms considering US registration should carefully analyse the regulatory overlap with existing UK rules to ensure a smooth transition and prioritise compliance obligations effectively.
Complying with COMPLY
The COMPLY UK Virtual Customer Summit offered valuable insights on ESG compliance, new regulations, evolving trends, and more. But how can you translate this knowledge into actionable steps for your firm?
COMPLY offers tailored consulting and technology services designed to empower your firm. Our team of experts can help you identify and address compliance risks associated with navigating ESG compliance, AI compliance, the intricacies of US registration, and more. By leveraging COMPLY’s tools and solutions, you can ensure a thorough compliance program that safeguards your clients’ and investors’ interests while meeting the evolving regulatory standards.
Are you ready to take a proactive approach to compliance? Let’s talk!