The Financial Conduct Authority (FCA) is stepping up efforts to clamp down on firms' financial incentives schemes in a bid to mitigate the risk of further mis-sellings of products.
The FCA said it expected firms to"consider carefully whether they have incentive schemes that increase the risk of mis-selling, review whether their governance and controls are adequate, and address any inadequacies" and would select firms for online assessment. The regulator published a One Minute Guide on its website to help firms prepare for assessment following its publication in January of a finalised guidance for self-assessment. It will notify selected firms and carry out some follow-up work with a number of the firms who are selected for the online assessment. The regulator...
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