In mid-December, the FCA issued a consultation paper (CP20/24) in which it set out the basis for the rules it intends to apply to the prudential requirements for UK investment firms authorised under MiFID II.
For most financial services firms it is probably fair to say that the second week of August is not the most productive week of the year, given that it’s bang in the middle of the holiday season, when staff at all levels are either on leave or have just returned.
Whilst it is natural in such circumstances that firms focus largely on their customer service fundamentals, it remains equally important that all other obligations are properly addressed, including any unscheduled requirements not foreseen when the holiday rotas were being drawn up.
The response to the FCA’s Dear CEO letter issued to investment firms on 24 July falls into this category. It is due on Friday (14 August).