One Platform Consolidates Material and Analysis from Five UK Regulatory Bodies
Wolters Kluwer Financial Services today announced that it has made primary source content from five separate UK regulatory websites available on one platform. Material from HM Treasury, Combined Handbook, Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and the previous Financial Services Authority (FSA) website will be available via the UK Compliance Resource Network (CRN) – a resource for regulatory and legislative content.
Following the Legal Cutover (LCO) in April 2013, which signalled the change over from the FSA to the PRA and FCA, UK regulated financial institutions have been in midst of an on-going process of adapting to the new ‘twin peaks’ regulatory structure.
“Firms who do not get to grips with the new UK regulatory structure – the differing approach, cultural demands and expectations – are in danger of being caught on their heels,” said Richard Pike, senior market manager at Wolters Kluwer Financial Services. “The impacts and consequences of this new structure are still yet to be fully felt but the early signs point to much more interventionist regulatory style. It is therefore essential that firms develop a strong understanding of the requirements and culture of the new regulators in an easily accessible way.”
“It is no doubt that finance professionals have an uphill battle in keeping abreast of the UK financial services regulatory changes since the introduction of the Financial Services Act 2012,” said Mary Stevens, manager of regulatory content at Wolters Kluwer Financial Services. “With CRN, subscribers are equipped with the ideal tool to allow them to view, research, forward, print, search and personalize regulatory material on a single platform, ultimately making it easier to meet regulatory obligations.”
In addition to the regulatory materials available to subscribers on the platform, insight and deep analysis is also provided by Wolters Kluwer Financial Services’ experts. To prepare for the significant regulatory change in the UK, CRN has been divided into seven clear headings making navigation easier for subscribers:
- Expert Analysis – industry comment, news, compliance 360s, practice notes, mini guides to regulation.
- Regulators – UK past and present regulatory materials and handbooks along with Wolters Kluwer Financial Services’ summaries.
- UK Government Bodies & Departments – HM Treasury and Houses of Parliament primary content and Wolters Kluwer Financial Services’ summaries.
- Independent Bodies & Organisations – Financial Ombudsman Service (FOS), Joint Money Laundering Scheme Group (JMLSG) content and guides.
- Legislation & Codes of Practice – UK legislation in consolidated form and complete with amendment history including the fully updated Financial Services and Markets Act 2000 and the new Financial Services Act 2012.
- Exchanges – London Stock Exchange, London Metal Exchange, BATS Chi-X Europe.
- International Organisations – such as; Financial Action Task Force (FATF), International Organization of Securities Commissions (IOSCO), Organisation for Economic Co-operation and Development (OECD).
To find out more information on the Compliance Resource Network, as well as Wolters Kluwer Financial Services’ ARC Logics platform, a one-stop-shop for regulatory change management which ensures internal policies and procedures are up to date; visit the respective websites.