Accountancy and Other Finance Professional Requirements
The Financial Conduct Authority (FCA) Handbook SYSC 3.2.6R and SYSC 6.1.1R, requires firms to establish and maintain effective systems and controls to prevent the risk that they might be used to further financial crime.
The FCA Remuneration Code (SYSC 19A, 19B, 19C, 19D) sets out requirements regarding staff pay and bonus awards. The aim of the Code is to:
- ensure greater alignment between risk and individual reward
- discourage excessive risk taking and short-termism
- encourage more effective risk management, and
- support positive behaviours and a strong and appropriate conduct culture within firms
Principles 1 (integrity), 2 (skill, care and diligence), 3 (management and control) and 11 (relations with regulators) of The FCA Principles for Businesses, which are set out in PRIN 2.1.1R.
Also relevant is the Statements of Principle for Approved Persons set out in APER 2.1.2P.
The FCA has issued Guidance for firms relating to Financial Crime. The most relevant aspects of the FCA Guidance with regard to Fraud Risk Management are set out below with corresponding links to the Fraud Management Resource Centre Guidance and Resources.
FCA Guidance Part 1 Reference and Relevant Links to our Guide
Staff recruitment, vetting, training, awareness and remuneration
Fraud Response Plans and Investigation Procedures
