Three new U.K. Regulators are now supported in Ascent’s compliance management platform: the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and London Clearing House (LCH), specifically LCH SA & LCH Ltd.
Using proprietary Regulation AI™, Ascent dynamically generates the regulatory obligations and ongoing rule updates that apply specifically to each customer, saving businesses significant time and money in analysing regulation manually. For every regulation in the Ascent system, customers have access to their unique Obligations Register which is specific to their business and is automatically generated by Ascent. Also included are the regulatory rulebooks and other regulator documents including press releases, guidance, enforcement actions and more — all of which are searchable by keyword.
The most recent additions to Ascent are:
- Financial Conduct Authority (FCA)
The FCA is a UK regulatory body that is independent from the UK Government, but is accountable to Her Majesty’s Treasury and Parliament. The FCA regulates banks, mutual societies, financial firms, and individual financial advisors, with the power to withdraw registration, to prohibit firms and individuals from participating in regulated activities, to suspend entities, to apply for legal remedies, and to issue warnings and/or bring criminal prosecutions against firms in breach of the FCA’s policies. Ascent launched an official collaboration with the FCA in late 2018 to componentize the FCA Handbooks. This release is the official fulfillment and delivery of that collaborative project.
- Prudential Regulation Authority (PRA)
Operating jointly with the FCA, the PRA is the prudential regulator of approximately 1,500 banks, building societies, credit unions, insurers, and major investment firms. The PRA works to promote the safety and soundness of firms they regulate, to contribute to securing an appropriate degree of protection for insurance policyholders, and to facilitate effective market competition.
- London Clearing House (LCH) — LCH SA and LCH Ltd.
LCH is a British clearing house that serves international exchanges and over-the-counter (OTC) derivatives, acting as a central counterparty that provides risk management services to Clearing Members. LCH members include financial groups like investment banks, broker-dealers, and international commodity houses. LCH is overseen by the national securities regulator and/or central bank in each jurisdiction from which it operates. With this release, the Rulebooks for LCH SA (the France-registered clearing house) and LCH Ltd. (the UK-registered clearing house) are now available in Ascent.