Time to upgrade surveillance technology and processes

Regulators, banks and the WhatsApp fines were the hot topic at 1LoD’s Asset Management Compliance Leaders’ Network in June, prompting much discussion about the latest developments in communications surveillance. Most asset management firms admitted that their goal was to achieve the bare regulatory minimum: only a handful of larger, plain-vanilla asset managers are going further than that. But they all agreed that this traditional downplaying of conduct risk cannot last, not least because regulators such as the Financial Conduct Authority, or FCA, have set out plans to build a more modern regulatory regime for the industry.

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