COMPLY publishes 2023 CCO Playbook for UK-based financial firms

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Jun 08, 2023, 06:00 ET

Annual guide outlines 2023 regulatory expectations, discusses FCA multi-year strategy and provides analyses of functional strategies to address evolving regulatory requirements

LONDON, June 8, 2023 /PRNewswire/ -- COMPLY, the leading provider of compliance software, services and education solutions for the financial services sector, published its 2023 UK Chief Compliance Officer (CCO) Playbook. The annual guide explores recent and anticipated regulatory compliance changes and their impact on the United Kingdom's financial services sector.

The 2023 UK CCO Playbook draws insights and analyses from market trends and anticipated regulatory action to provide firms with strategic guidance as they seek to create an effective program adaptable to today's compliance demands. The Playbook also features an in-depth review of the upcoming Consumer Duty and the new requirements it will place on firms in an effort to protect both consumers and the UK market at large.

"The unique and highly dynamic nature of the UK's financial regulatory environment force chief compliance officers and their teams to constantly review, revise and reconsider their comprehensive regulatory compliance efforts," said Amy Kadomatsu, COMPLY's Chief Executive Officer. "With last year's launch of the FCA's multi-year strategy, as well as the upcoming Consumer Duty deadlines, it is all the more critical for compliance teams to develop flexible programs that serve as a strategic asset to their firms."

Highlights of the 2023 UK CCO Playbook include:

A comprehensive review of recent regulatory changes and the impact of the FCA's multi-year strategy announcement.
Discussion of the FCA's 2023 priorities, including reducing and preventing serious harm, setting and testing higher standards and promoting competition and positive change within the industry.
Top trends in regulatory compliance, explicitly addressing Consumer Duty requirements, cryptocurrency, market volatility and ESG.
A step-by-step process to align resources to meet the demands of the compliance landscape.

In 2022, the FCA announced a three-year strategy that yielded significant methodology changes with a heightened focus on tactical outcomes. Since the announcement, the local and global markets have faced increased market pressure to comply.

"The changes the FCA put into effect in 2022 lead to significant increases in key penalties and monetary returns to consumers," continued Kadomatsu. "As stated by the FCA, over 8,000 potentially misleading adverts were removed or amended, 201 firm authorisations were cancelled, more than 1,800 warnings were issued regarding potential scam firms and £30 million were returned to consumers from unauthorised businesses last year."

Kadomatsu concluded, "Compliance programs must mitigate and address the ever-evolving risks that face our industry — building a program that takes a comprehensive view of the evolving regulatory environment and utilizes a holistic solution set that will position firms for success in the face of near-constant change. COMPLY can empower the UK's CCOs and their teams to develop and deliver a strategically impactful compliance approach to sustain growth and avoid risk."

Download the 2023 UK CCO Playbook to learn more about the regulations, risks and strategies shaping today's compliance landscape.

About COMPLY
At COMPLY, we pride ourselves on being the champion for compliance professionals. Merging technology, consulting and education, we help clients navigate the ever-changing regulatory environment. Our portfolio of offerings includes ComplySci, RIA in a Box and National Regulatory Services (NRS), whose more than 7,000 clients include some of the world's largest financial institutions. Clients throughout our portfolio enjoy access to our full suite of industry-leading governance, risk and compliance (GRC) consulting, technology, managed services, analytics and outsourcing solutions.

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