FCA Key Themes and Our ELearning

Digital Learning & Compliance
FCA key themes and our eLearning
As stated in the beginning of the 2020/2021 Business Plan, the FCA has always faced difficult choices about areas of
focus to prevent harm to markets and consumers. This is brought into sharper relief by the COVID-19 crisis, and the FCA
says they may amend the Business Plan if significant changes are required due to the pandemic. Two areas of focus that
remain on the FCA’s agenda from prior years include firm culture and controls to prevent and detect financial
crime. This echoes other UK and global bodies which have noted the rise in novel financial crime risks arising
from business disruption including fraud, cyberattacks and money laundering.
Culture & Governance

The FCA has increasingly focused on transforming culture in financial services as a key root cause to many conduct
failings. In the introduction to the Business Plan, the FCA notes “culture shapes the outcomes for consumers and
markets” – this is why, therefore the FCA aims “to assess and address the drivers of culture.”
Some of the ways the FCA says they will do this is to look at firms’ leadership, purpose, governance and approach
to managing and rewarding their employees, and finally to test the effectiveness of these culture drivers in reducing
the potential harm from firms’ business models and strategies.
Critically, the FCA expects firms to fully implement the SMCR to help deliver effective governance. All solo-regulated
firms must comply with the requirements of the SMCR as they fall due.
FCA Key Themes
• Complaints • Conflicts of Interest • The Conduct Rules •

• Vulnerable Consumers • Whistleblowing •
Our relevant eLearning courses:

• COBS Suite • BCOBS suite
• Conduct risk and treating customers • Managing conflicts of interest
fairly • The Conduct Rules
• Consumer credit: handling arrears • Understanding vulnerable
• Culture and Ethics consumers
• Enhancing the experience for • Whistleblowing with confidence
vulnerable customers
• Financial Promotions
• How to handle regulated complaints
Financial Crime
As per commitments made in the UK’s 2019 National Economic Crime Plan, the FCA plans to implement changes
to reduce financial crime. The FCA states that it will continue to take enforcement action where it uncovers serious
misconduct, “particularly where there is a high risk of money laundering.”
Some of the areas the FCA will focus on include ensuring firms have systems and controls to detect, disrupt and
reduce the risk of financial crime, especially fraud. Additionally, the FCA will strengthen rules related to money
laundering and cryptoassets, and seek to adapt supervisory and enforcement strategies to reduce market abuse
and financial crime in wholesale financial markets.
FCA Key Themes
• Anti-Money Laundering • Fraud • Sanctions •
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• Anti-Money Laundering & • Countering bribery and corruption
Countering Terrorist Financing • Customer due diligence
• Combating market abuse • Fighting fraud
• Compliance with the Criminal • Financial Crime: The Basics
Finances Act 2017 • MLRO: The role of the Money
• Complying with sanctions Laundering Reporting Officer
Risk, Regulation & Cyber Security

With fraud and financial crimes on the increase, financial institutions are under increasing pressure to protect their
data by both customers and regulators. As cyber security incidents become a more regular occurrence across the
industry, the message that no one is immune is hitting home. This means businesses need to understand what to
do in the event of an incident where they experience a data breach or other security incident.
FCA Key Themes
• Cyber • Data Protection • Fraud •

• Fighting fraud • Risk and Operational
• General Data Protection (GDPR) Resilience
• Maintaining Information and
Cybersecurity
Culture & Accountability

The accountability agenda will be an important component for the rest of 2020. Financial Conduct Authority (FCA)
solo-regulated firms entered the Senior Managers and Certification Regime (SMCR) on 9 December 2019. Firms
spent much time and energy in preparing for the ‘day 1’ requirements of SMCR, but in 2020 they will need to stay
on top of their obligations, including embedding the certification process – 9 December 2020 is the deadline for
FCA solo-regulated firms to complete fitness and propriety assessments – and developing appropriate onboarding
and induction processes so that all in scope employees are aware of the new requirements, particularly the conduct
rules.
Firms will also be mindful that, as their business develops over the course of the year, there may be a need to
check at the six month and one year milestones of the SMCR whether their governance framework continues to
be fit for purpose. Another area of focus for firms will be keeping an eye on any enforcement action that the FCA
takes against firms for breaches of the SMCR. The SMCR also comes into force for benchmark administrators on 7
December 2020.
FCA Key Themes
• Conduct rules specific case studies for role •
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• Conduct Rules • SM Systems and controls

• SMR • The regulatory framework
• Certification regime
www.theaccessgroup.com/DLC
DigitalLearning@theaccessgroup.com CONTACT US
0845 345 3300

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Digital Learning & Compliance

FCA key themes and our eLearning

Culture & Governance

FCA Key Themes

• Complaints • Conflicts of Interest • The Conduct Rules •

Our relevant eLearning courses:

FCA Key Themes

• Anti-Money Laundering • Fraud • Sanctions •

Risk, Regulation & Cyber Security

FCA Key Themes

• Cyber • Data Protection • Fraud •

Our relevant eLearning courses:

Culture & Accountability

FCA Key Themes

• Conduct rules specific case studies for role •

• Conduct Rules • SM Systems and controls

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