The current media interest in the banking arrangements of Nigel Farage has highlighted some of the challenges faced by financial institutions when deciding which new customers to take on and which customers to keep.
FCA Consumer Duty – Next Steps
With the Consumer Duty coming into force on 31st July it is important for impacted firms to not see this as the finishing line, but rather the start of a continuous process to support and enhance customer outcomes.
Sanctions and KYC following the Russian Invasion of Ukraine
“Businesses need to take basic steps to investigate their own potential links to sanctioned Russian businesses and individuals, or else face the potential for what should be an avoidable worst-case scenario…You are supposed to be screening absolutely everyone you do business with — suppliers, customers and partners. This is a strict liability, and it doesn’t matter if you didn’t know.” …