London Governance & Compliance Academy
According to the UK’s Financial Conduct Authority’s Occasional Paper No. 8, a vulnerable client is an individual “who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”
During the past decade or so, financial services firms have been flooded with a vast number and variety of regulations. Each day, greater attention has to be paid to regulatory issues by companies during the course of their regular business activities.
In an interesting article published by the UK’s Financial Conduct Authority (FCA), the country’s regulatory authority recommends that authorised and registered firms develop compliance and AML leaders “who are suitably competent and capable of effectively performing the roles.”
