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MAR, REMIT

FCA issues “Dear CEO” letter to wholesale brokers

The UK’s Financial Conduct Authority(FCA)  has issued this open letter to the CEOs of wholesale brokers, across several asset classes. The letter identifies some issues observed by the FCA at broker firms, focusing on four issues that could be causing “harm”:

  • Compensation arrangements
  • Governance arrangements
  • Dealing with conflicts of interest
  • A culture and mindset that fails to recognise the risk of abuse.

We can thus expect further scrutiny in this regard. The letter refers to an update in March 2021.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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