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FCA Dear CEO Letter: Wholesale Broker Priorities
The Financial Conduct Authority (FCA) issued a "Dear CEO" letter outlining its two-year strategy for supervising wholesale brokers in the UK. Key concerns include broker misconduct, inadequate financial crime controls, inconsistent remuneration practices, and insufficient financial resilience. The FCA highlights the need for improved corporate culture, robust risk management frameworks, and compliance with regulations like the Senior Managers and Certification Regime (SM&CR). The letter urges CEOs to address these issues and implement necessary changes by March 2025. A second source summarises the letter's main points, emphasizing the FCA's four strategic pillars: broker conduct, culture and remuneration, financial crime, and financial resilience.
Published on 11 months, 1 week ago