FCA has published a booklet specially aimed at consumer credit firms to help them understand FCA’s expectations of them under financial crime prevention standards. The guide sets out examples of good and poor practices FCA has observed in consumer credit firms under the MLRs, and gives guidance on how they can reduce their financial crime risks by way of suggesting self-assessment questions. FCA reminds firms that they are all expected to have in place measures to monitor, detect and prevent financial crime, even where their business is not subject to the MLRs. A good way to health-check your policies and procedures is often to obtain an external review, and engage with your staff in face to face or interactive training. We have helped many clients in this way, so please let Andrew Barber or Emma Radmore know if you would like to discuss how we can help you.
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