Compliance services

Energy and Oil Market Participants

The Financial Conduct Authority’s ("FCA") message to chief executive officers of Energy Market Participants ("EMPs") and Oil Market Participants ("OMPs") is that they are failing to meet their compliance obligations. Areas of concern include:

  • Non-compliance with UK money laundering regulations
  • Clients not being categorised
  • Lack of knowledge of market conduct issues
  • Limited awareness of what constitutes regulated activity
  • Inadequate training and competence provisions

OMPs and EMPs need to improve their compliance arrangements considerably to avoid heavy handed FCA regulation in the future. FCA will pursue firms directly to see how this is being achieved.

The onus is on the chief executive officer to ensure that improvements are made.

Axiom recognises that many firms do not have the resources or expertise to make these improvements. We will provide you with them and work alongside you and your staff to bring your firm into line with the regulatory requirements, whilst you concentrate on the commercial elements of your business.