FCA business plan raises the bar for operational oversight

With operational resilience a key area of focus of the UK’s Financial Conduct Authority (FCA) business plan for 2019/2020, Paul Roberts, CEO, Milestone Group, explains that there will be a significant impact on compliance teams at investment trusts, OEICs, specialist funds and ETF funds, and particularly for those individuals responsible for the NAV process.

“The plan has made clear that the individuals responsible must have a deep understanding of the delegated activities and a contingency plan for an outage. Therefore, firms will have to consider whether they have effective oversight tools and management information to meet their fiduciary responsibilities,” states Roberts (pictured). “As we are frequently reminded, you can outsource the function, but you can’t outsource the accountability.”

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