NEW RELEASE: Conflicts of Interest (FCA) eLearning Course
Tue, 30 Jul 2019 14:51
One of the goals of the Financial Conduct Authority (FCA) is to ensure that the financial markets are regulated for market integrity and fair trade, whilst ensuring that customers are getting a fair deal.
A conflict of interest occurs when an individual that is acting in a professional capacity must decide between gaining a personal advantage or the best interests of customers – often thought of as a dilemma or divided loyalty. For businesses, conflicts of interest may arise when the firm benefits from arrangements with other parties and prioritising profit above customers' interests and regulatory compliance.
This is why the FCA requires regulatory compliance when conflicts of interest are identified. It includes mandatory reporting as part of company policy and the procedure of removing the individual from the decision-making process. The FCA also recommends using a number of frameworks which can help individuals and firms navigate the risks of conflicts of interests.
Failing to comply with the FCA regulations can lead to enforcement action such as suspension of activities, insolvency order, fines and criminal convictions. The FCA has a dedicated Enforcement division that works closely with other regulators and law enforcement agencies. The Enforcement division can take legal action against firms and individuals that don't meet the required standards.
Negative publicity from the fallout of such events can also do irreparable damage to firms' reputation and public trust.
Our new course on conflicts of interest is set in an immersive format to enable learners to explore in-depth situations involving conflicts and understand the ways to avoid or manage the risks. Scenarios involve employees within fictional firm Investmentise, part of the fictional Investmenta Group of companies. Learners will be required to make decisions that decrease the risk of breaching the FCA's compliance framework.
Find out more about our new course HERE.
The Conflicts of Interest eLearning course joins our suite of FCA Compliance courses.