{"id":521777,"date":"2025-10-23T08:54:11","date_gmt":"2025-10-23T08:54:11","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/521777\/"},"modified":"2025-10-23T08:54:11","modified_gmt":"2025-10-23T08:54:11","slug":"uk-firms-warned-to-work-proactively-and-cooperatively-with-the-fca","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/521777\/","title":{"rendered":"UK firms warned to work proactively and cooperatively with the FCA"},"content":{"rendered":"<p>&#13;<\/p>\n<p><a rel=\"noopener noreferrer\" href=\"https:\/\/www.fca.org.uk\/news\/speeches\/do-right-thing-part-ii\" target=\"_blank\">The speech by Therese Chambers<\/a>, joint executive director of enforcement and market oversight at the FCA, reaffirmed the regulator\u2019s commitment to holding financial services firms to high standards. Chambers emphasised that those firms which are \u201copen and honest with us, rather than trying to muddy the waters and keep us from doing our job\u201d will be treated more favourably, with the prospect of avoiding skilled persons reports, formal requirements, and enforcement referrals.<\/p>\n<p>\u201cThere are prizes for firms that choose to behave well. If you choose to do the right thing from the jump, you\u2019ll have nothing to worry about,\u201d Chambers said.<\/p>\n<p>\u201cFor example, you wouldn\u2019t need to worry about a cooperation credit to reduce a penalty because we wouldn\u2019t take enforcement action in the first place.\u201d <\/p>\n<p>Chambers also highlighted that firms which are compliant from the start, which may increase costs in the short-term, save money because they do not have to worry about future penalties or redress and remediation.<\/p>\n<p>This involves firms holding themselves to high standards and taking responsibility when things go wrong, including taking the necessary steps to fix issues and paying redress where necessary.<\/p>\n<p>S\u00e9bastien Ferri\u00e8re, an expert in financial regulation at Pinsent Masons, said: &#8220;The FCA\u2019s message is clear: firms that choose to engage constructively and cooperatively from the outset tend to see better outcomes.\u201d<\/p>\n<p>\u201cIt\u2019s a reminder that collaboration, not confrontation, often leads to more sustainable regulatory relationships,\u201d he said.<\/p>\n<p>\u201cWith the consumer duty now fully embedded, firms should be thinking about how to operationalise achieving good outcomes for consumers, not just documenting their governance, processes and controls. Firms which fail to do this can expect faster and more assertive action from the regulator.\u201d<\/p>\n<p><a href=\"https:\/\/www.pinsentmasons.com\/people\/jonathan-cavill\" target=\"_blank\" rel=\"noopener\">Jonathan Cavill<\/a>, contentious regulatory expert at Pinsent Masons, said: \u201cThis is a good and timely reminder from the FCA that culture and conduct are not merely regulatory buzzwords, but also commercial imperatives.\u201d\u00a0<\/p>\n<p>\u201cDoing the right thing as early as possible is about more than avoiding penalties and supervisory action; it is about building the FCA\u2019s trust, firms\u2019 resilience, and long-term value to customers and markets. Under the consumer duty, firms that proactively identify and remediate issues will both reduce regulatory risk and strengthen their client relationships,\u201d he said.\u00a0<\/p>\n<p>\u201cCompliance may carry a cost, but as the FCA notes, the cost of non-compliance is far greater. The real challenge for firms is embedding this mindset into day-to-day decision-making, so that \u2018doing the right thing\u2019 becomes instinctive rather than reactive.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"&#13; The speech by Therese Chambers, joint executive director of enforcement and market oversight at the FCA, reaffirmed&hellip;\n","protected":false},"author":2,"featured_media":40799,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5018,3,4],"tags":[748,393,4884,1144,712,16,15,1764],"class_list":{"0":"post-521777","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-britain","8":"category-uk","9":"category-united-kingdom","10":"tag-britain","11":"tag-england","12":"tag-great-britain","13":"tag-northern-ireland","14":"tag-scotland","15":"tag-uk","16":"tag-united-kingdom","17":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115422643121767446","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/521777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=521777"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/521777\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/40799"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=521777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=521777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=521777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}