Conduct risk comprises any and all actions and omissions by an authorised firm or individuals within a firm that have the potential to cause harms to customers and markets. Some of these risks have been triggered specifically by the Covid-19 crisis, while other known risks have been exacerbated during this period.
TLT's Financial Services Regulation team hosted a live webinar discussing those conduct risks on which the FCA will have greatest focus when lockdown measures lift and we adapt to a new working environment.
Partners Angela Hayes, Michael Ruck, Noline Matemera and Robin Penfold focused on the key risks that the FCA will scrutinise and discussed how firms can put themselves on the front foot by proactively identifying and, where appropriate, remediating issues.
Broadly grouped as 'taking unfair advantage of customers and markets', the risks include:
- vulnerable customers
- failure to treat customers fairly in Covid-19 forbearance and financial support
- poor value products, including funds and pension transfers
- market conduct, including systems and controls
- financial crime, including controls around customer onboarding and renewing customer information
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