Regulators are raising the bar, firms must show that customers truly understand the products, risks, and costs involved, say Shoosmiths.
FCA Principle 2
Deficiencies compounded human error and led to the accidental execution of $1.4 billion of erroneous orders.
Operational resilience was the focal point, but there are other issues to consider.
Regulators found that TSB failed to adequately organize and control a 2018 IT migration programme.