Like many other regulations coming into force in the next 36 months, MiFID II is calling for enhanced monitoring, transparency and control of the end-to-end trade lifecycle.
In November 2015 the Financial Reporting Council (FRC) published its standard for audit firms on “Providing Assurance on Client Assets to the Financial Conduct Authority” (the “Assurance Standard”).
This was in direct response to PS14/9 “Review of the Client Assets Regime for Investment Business” previously issued by the FCA, which in turn led to the comprehensive revision of the Client Assets Sourcebook (CASS).
Reconciliations form the foundation of a tightly controlled finance or operations department in any organisation. Transparent, up-to-date and accurate financial data is not just essential for regulators or auditors, but it is increasingly an important tool for the executive branch to shape corporate strategy.
However, the process for doing so is often far from perfect.
CASS states that external reconciliations must be undertaken as often as is necessary but at least once a month.
CASS mandates that firms must put systems and controls in place to meet their obligations to maintain their records and accounts in a way that ensures their accuracy and in particular their correspondence to safe custody assets held for clients.
The process for doing bank reconciliations is often far from perfect.
The phrase ‘challenges of regulatory reporting’ means different things to different organisations. There is no doubt that within the financial services sector the speed of change and increase in complexity remains high on the agenda.
highlights the information financial institutions need to know about where and how to deliver financial services. The results can inform efforts aimed at increasing consumer satisfaction and loyalty. Key findings include:
Financial institutions are in a constant race to deliver financial services that match consumers' expectations for faster, more seamless digital experiences.
It seems that rarely a week passes without news of another proposed entrant into the U.K. banking market.
In an increasingly competitive financial services arena, financial institutions are pressured more than ever to meet the evolving wants and needs of their customers.
Banking in the U.K. is set to change dramatically with the introduction of new regulations and recommendations from the Competition and Markets Authority and the European Payment Services Directive II (PSD2).