Clive Adamson, Director of Supervision, FCA, has given a speech entitled “Ensuring the UK remains open for business – requirements for foreign-owned firms” at the Association of Foreign Banks. Mr
Adamson’s speech covered the following topics:

• what conduct regulation means for firms;
• how the FCA is supporting evolving business models;
• the role of senior management; and
• the increased risks posed by financial crime.

In summary, Mr Adamson explained that the FCA would like all firms to think about their own business models and how they do business so as to ensure that the interests of customers and market integrity is at the heart of how they run their businesses. Mr Adamson noted that this should be founded on a strong culture. In addition, the FCA would like firms whose parents or head offices are based outside the UK to ensure they comply with the FCA’s requirements and that senior management understand the role they play.

A copy of the speech is available. http://www.fca.org.uk/news/ensuring-the-uk-remains-open-for-business