Regulatory and compliance

Our sector specialist teams provide advice to a wide range of businesses of varying sizes. We work closely with our clients to find solutions to complex regulatory and compliance challenges.

We lead and facilitate discussions on critical regulatory topics at seminars and in thought leadership articles to provide a platform to our clients to share their experiences and views.

Our service areas:

Skilled persons (s166) reviews

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have the power to commission reviews by Skilled Persons under Section 166 of the Financial Services and Markets Act, as amended by the 2012 Act (FSMA), to enable them to obtain an independent view of aspects of a firm's activities that are deemed to provide cause for concern. There are two types of review that may be commissioned. These are known as
• s166 Reports by Skilled Persons; and/or
• s166A Appointment of Skilled Person to collect and update information.

Banking – regulatory reporting

Regulatory reporting requirements for the banking sector are ever increasing, posing significant reporting challenges for banks. The EU Capital Requirement Directive (CRD), implemented through UK law, introduced Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment (ILAA) documents and the Pillar III disclosure. EU Capital Requirements Regulation (CRR) requires institutions to complete the EU Common Reporting in addition to the local prudential templates (FSA GABRIEL returns.) Finally, a Recovery and Resolution Plan (RRP) compliant with the UK regulation and the EU Bank Recovery and Resolution Directive (BRRD) should be developed. Mazars can help you in successfully facing successfully the challenge of completing all these reports in a timely and efficient manner taking into consideration any changes to the regulatory environment.

Banking – creating synergy in risk management and risk culture

International and UK regulators have increased their focus on risk management and risk culture since the financial crisis revealed failings in these areas to be one of the root causes. Banks should have in place a robust risk management framework within a sound risk culture. Identifying areas for improvement and filling the gaps can turn this apparent challenge into a growth opportunity by actually optimising risk-returns while ensuring resilience against failure. Our team can support you in ensuring compliance with industry best practices and regulators' expectations.

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