Rapid Response Required: the FCA’s expectations around thematic reviews

In today’s regulatory climate, thematic reviews sound an alarm to UK financial services firms that their affairs in the area under scrutiny must be in order, or there could be consequences. Joanne Smith sets the scene.

Joanne Smith (j.smith@theconsultingconsortium.com) is founder of The Consulting Consortium (TCC), which specialises in providing compliance services and resources. She has worked in financial services for over 20 years, including at Royal Insurance, HBOS and KPMG, as well as the Financial Services Authority. Joanne has an MBA from Ecole Nationale des Ponts et Chaussees in Paris.

Thematic reviews form a key part of the Financial Conduct Authority’s approach to regulation. They serve to highlight the regulator’s work in particular areas and are a vehicle for communicating the issues uncovered; they also re-enforce its expectations and regulatory requirements to both the sector involved as well as a potentially wider audience.