Finance Monthly March 2020 Edition

32 www.finance-monthly.com BUSINESS & ECONOMY - SM&CR WHAT THE LATEST ‘ DEAR CEO… ’ LETTERS TELL US & HOW SM&CR HOLDS THE KEY 2020 has started with a bang from the FCA’s perspective with two ‘Dear CEO…’ letters being issued within a matter of days of the New Year fireworks heralding in 2020. Whilst directed to different sectors of the financial services market and raising different core concerns, the letters share a common theme. The FCA states that SM&CR sets the standard of personal conduct and provides an opportunity and catalyst to transform culture for financial services. This provides a significant indicator of the way in which the FCA is viewing emerging marketplace risks and how it intends to approach them in 2020. With over £392 million in fines published in 2019, the FCA is clearly serious. Julie Pardy Director of Regulation and Market Engagement at Worksmart