LONDON--(BUSINESS WIRE)--A year in and the Financial Conduct Authority (FCA) is quietly but surely flexing its muscles as it steps out of the shadows of the FSA and according to TradeNext it is starting to clean up the tarnished image of the UK’s financial services sector.
TradeNext, a leading London based financial services broker that offers FX, CFDs and Spread Betting, says that the FCA has maintained its diligent investigations into both the Libor and FX rates scandals as well as helping consumers who have been mis-sold financial products.
Patrick Lindsay, head of compliance and Money Laundering Reporting Officer at TradeNext says: “The responsibility on the governance of client money and client assets still holds centre-stage and the recent publication of their long-awaited Policy Statement on this subject matter will cause stir in the Square Mile and beyond.
“However, I would like to see them take more of a lead when it comes to industry training. With EMIR behind us and FATCA and MiFID II looming, they could be holding more seminars and training courses on these issues as well as providing regulatory updates. Because, as we all know, the face of regulation and compliance is continuously evolving.”
On the back of the recent Libor fixing scandal and accusations of foreign exchange market rigging, the sector will continue to be under the microscope especially, following the recently announced changes to the Client Assets sourcebook (CASS) and Chancellor George Osborne’s pledge to increase regulation of foreign exchange, commodity and fixed income markets.
Patrick adds: “The Fair and Effective Markets Review face a monumental challenge to bring the markets into line and to maintain the integrity and reputation of London, as a major financial centre. The CASS rule changes amount to one of the most noteworthy changes in policy that we have seen in recent years.
“The FCA has embarked on a major reconsideration of the rulebook, with these changes looking to further heighten confidence in the UK financial market.”
Patrick oversees the execution of corporate compliance standards, processes and procedures at TradeNext as well manage the relationship between the compliance and the firm. He has over 20 years of professional financial experience working in compliance roles for leading companies, including the FSA, Alpari, Cantor Index, Goldman Sachs and Coutts.