The JFSC [NEW] Framework for Engaging Regulatory Consultants is in place but not published.
23/03/2025
Executive Director of Supervision David Eacott, in a recent update, advised that the JFSC now provides for a:-
- NEW FRAMEWORK FOR ENGAGING REGULATORY CONSULTANTS
However, when I, Mathew Beale, looked on the JFSC website for this new framework, I could not find any information. After inquiring with the JFSC, I was informed that it had not been published.
What the JFSC told me was:
- ….”Last year we held our first Regulatory Consultants workshop. The workshop was attended by consultants who were, or had more recently been, engaged to perform remediation effectiveness testing (RET), where the outcomes were specifically to be shared with the JFSC.
The main purpose of the workshop was to understand the challenges Regulatory Consultants were having with RET engagements, and explore ways in which these challenges might be alleviated.
We have since re-engaged with a population of the attendees as a follow-up from the workshop. As we progress through 2025 our framework remains primarily focused on engaging with those Regulatory Consultants who we see RET reporting from, or have done in the recent past.
That said, we are considering what broader engagement may be appropriate with those Regulatory Consultants who are more active in remedial activity space; advising supervised persons; providing training; and undertaking remediation itself……..”
2024
- Regarding the above JFSC reference to its 2024 workshop with selected consultants, I [Mathew Beale] wrote the following on March 5, 2024, about this matter.
Close
- Regarding the new framework for engaging regulatory consultants, it would be beneficial if regulated, supervised, and consulting firms could see a published document to see how such a necessary process works.
- Having a regulatory process published for all to see would then eliminate any discussion about conflicts, non-competitive processes and other similar matters.
Reference
- Watch Executive Director of Supervision David Eacott full update here: https://lnkd.in/enPVycnZ OR READ THE POST https://tinyurl.com/mr3b38k7
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.