In this episode, host Philip Allen sits down with Daren Allen, a partner in the Dispute Resolution and Litigation team at law firm Shoosmiths, to discuss the latest trends in financial crime and enforcement actions taken by the FCA in 2024, offering insights for PIMFA member firms on what to expect in 2025.
Topics covered in this episode include the FCA’s ongoing focus on combating financial crime despite fewer regulatory investigations and fines, the new legislation regarding fraud, and the importance of building a robust culture of compliance. Daren emphasises the necessity of thorough risk assessments, appropriate resources, and effective governance to avoid regulatory scrutiny. He also touches on the role of AI in financial crime prevention and anticipates increased FCA visits and skilled person reviews in the upcoming year.
Timestamps
00:00 Introduction to Financial Crime Trends
00:56 FCA Enforcement Data and Trends
02:34 Fraud Compliance for PIM Firms
04:38 Risk Assessments and Procedures
06:52 Regulatory Scrutiny and Penalties
10:42 Governance and Culture in Compliance
17:13 Future of Financial Crime Prevention
21:26 Conclusion and Key Takeaways
