The cumulative impact of regulatory change is diverting time and resources away from other priorities, according to a new survey of members of wealth management trade association PIMFA.

Four in five (79%) financial advisers and wealth managers have seen an increase in compliance expenditure over the past year, according to a new report.

The FCA has shared plans to streamline its Consumer Duty rules following stakeholder input.

The FCA is ‘working hard’ to shorten the timeframe for enforcement investigations to boost confidence in the financial services sector, according to senior FCA executive Therese Chambers.

The FCA has proposed further cuts to data reporting requirements by reducing the frequency of submissions for selected sections of the Retail Mediation Activities Return (RMAR).

The FCA is not planning on developing any additional regulations concerning the use of artificial intelligence (AI) by financial services firms.

The number of new whistleblowing reports received by the FCA rose 25% year on year to 315 between April and June (Q2 2024: 253 reports).

The Financial Ombudsman Service has begun a consultation on whether to change its case fees, with businesses paying less for complaints resolved at an earlier stage.

The number of client reviews undertaken within the Dynamic Planner back-office platform have increased by 69% over the past two years due to Consumer Duty.

The Financial Conduct Authority has fined Barclays Bank UK PLC and Barclays Bank PLC a total of £42m for major failings in their financial crime risk management including one relating to collapsed wealth manager WealthTek and one relating to Stunt & Co.