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The Training Environment For Financial Services
The FCA rules, guidance and ‘standards’ for Best Execution have been in place since the MiFID era and updated in 2018 with MiFID II. Despite this, the FCA’s thematic reviews of Best Execution found only a very small proportion of the firms understood and complied with the totality of the Best Execution requirements and few were enagaing with the Guidance in the thematic reviews or demonstrably using the best execution process to drive better outcomes for clients (lower costs, better prices).
Worringly, the regulator continues to point to a disconnect between Front Office and Compliance approaches to Best Execution, with Compliance often being kept away from Best Execution issues, due to a perceived lack of skills and understanding. For many firms, it is not that they are failing to deliver best execution - more that their governance, policy and procedural framework fails to demonstrate this is so . . . a huge “own goal” when the FCA comes calling.
Making use of CASE STUDIES and SYNDICATE EXERCISES, this practical course will help Compliance and Front Office professionals keep up to date with the evolving rules, guidance and standards in this critical area of business and regulatory risk.
Specifically, attending will help you:
This course will be delivered via a real time slide sharing and live audio visual platform, accessible by desktop computer, laptop, tablet or smartphone. Class size will be limited to ensure a high quality and interactive learning experience.
Gary Pitts has 28 years of compliance experience in the UK and overseas, including spells in regulation, asset management, investment banking and as managing partner of a boutique financial services house. A FSA/FCA registered person in Controlled Functions 10 and/or 11 and SMF 16 and 17, he now runs his own governance and regulatory consultancy, Tetractys with offices in London and Dublin. Gary is a regular conference speaker and author of technical articles on compliance-related topics and sits on the regulatory advisory group of the Journal of Securities Operations and Custody. He brings a combination of compliance and commercial experience, in terms of both practical implementation and Board level oversight, to the training he delivers.
| Session | Aim | Content |
|---|---|---|
| The scope of the rules | To consider the scope of the FCA best execution requirements and why firms fail to identify the full reach of the application of the Rules |
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| Defining Best Execution for your firm | To know what constitutes “Best Execution” in the context of your firm’s clients and activities |
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| Evidencing venue selection | To be able to review trading venues and systems for alignment with the firm’s identified best execution factors |
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| Constructing a value-added monitoring programme | To use a framework to build an effective monitoring programme that produces value-added management information |
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| Payment for Order Flow | To understand the definition of payment for order flow arrangements and why these are prohibited |
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| Best Execution Governance | To identify the governance requirements for Best Execution, with an emphasis on meeting the FCA SYSC requirements |
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| Compliance oversight and internal audit | To consider the roles of Compliance and Internal Audit and the skill sets required to deliver effective advice and monitoring |
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| The future - what does MiFID II hold for Best Execution? | To examine the proposed changes in MiFID II relating to best execution, reporting, analysis and the structure of the market |
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This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.
