Industry panel discussion with AFME and the FCA

We have recently published a paper with AFME on this topic, the second in a series of papers considering the management of conduct risk by firms engaged in the LIBOR transition. This paper identifies the key considerations for firms when developing a client communication strategy and engaging with clients in relation to LIBOR transition. The paper focuses on the importance of firms having in place a client engagement strategy that treats the LIBOR transition process as a journey for their clients and highlights the advantages for both firms and clients in approaching the LIBOR transition process as a collaborative exercise.

We cover:

• Establishing a client communications strategy: how to build the client journey and what factors need to be taken into account.
• Content of client communications and how to align with the FCA’s expectations on ‘clear, fair and not-misleading’.
• Methods and timing of client communications and points that should be considered when formulating a plan.
• Internal training and communications: why this is important in relation to client communications and the type of training firms may wish to consider.
• Monitoring and record keeping: the role of MI in monitoring the effectiveness of client communications and how to align ongoing record keeping obligations with the different types of client communications around LIBOR transition.

> Watch the webinar here

Panellists

• Helen Boyd (Acting Head of Department / Markets Policy, FCA)
• Heather Pilley (Acting Manager / Benchmarks Policy, FCA)
• Richard Middleton (Managing Director and Head of Policy, AFME)
• John O'Sullivan (Group LIBOR Transition Programme lead, HSBC)
• Penny Miller (Partner, Simmons & Simmons)
• Caroline Hunter-Yeats (Partner, Simmons & Simmons)