The FCA has published a new webpage setting out the next steps in its foreign exchange (FX) remediation programme. In terms of next steps, the FCA expects the following:
- firms who were not involved in the remediation programme must carefully consider the details of the programme and implement remediation plans that are appropriate for their FX business;
- firms will need to take into account future developments in the FX market, including the publication of the FX Global Code of Conduct which is expected to be published in May 2017 by the Foreign Exchange Working Group;
- firms and responsible senior managers must ensure their staff satisfy appropriate standards of market practice; and
- firms must recognise that the risks in their FX business are likely to be relevant to other trading businesses, and they should ensure that the lessons learned from the FX remediation programme are applied right across their organisation.
View New FCA webpage on FX remediation programme, 28 July 2016