Browse all articles across people aspects of regulation and people development within UK financial services
Tony Catt looks at the requirements of how to conduct a FIT assessment under the SM&CR regulations. The Senior Managers and Certification regime (SM&CR) was introduced in 2015 and has been in force for banks, building societies, credit unions and PRA-designated investment firms (Relevant Authorised Persons) since March 2016.
A number of high profile data breaches have put operational resilience at the top of the regulatory agenda this summer. Richard Whittington, Product Manager at Unicorn Training, takes a look at what that means for you and your firm.
I have read some interesting articles recently regarding education for advisers and these have raised some very interesting issues. For many years, other than internal company licences for products, there were no formal qualifications for advisers. In the early ‘90s, the Financial Planning Certificate was introduced.
At a recent SMCR (Senior Managers & Certification Regime) conference that I attended, an interesting question was put to the speakers from FCA (Financial Conduct Authority).
Whether you’re already working under the Senior Managers and Certification Regime (SMCR) or are a firm still preparing for your sector’s looming deadline, how are you going to certify people? Richard Whittington, Product Manager at Unicorn Training, looks at what questions you should be asking. Imagine this.
Cybercrime just keeps on growing. According to the latest figures from the UK Office for National Statistics, there were 4.7 million incidents of fraud and computer misuse against businesses in the year to 2017. Some of these probably involved personal data – watch that number grow!
The FCA still haven’t confirmed timelines for SMCR/Accountability 2 for all Financial Services Sector firms (we now know insurers will be at the end of the year) and whilst that remains the case it seems that many firms – that will come in scope – are deferring plans and decisions in terms of their response…
Penalties of up to €20m or 4% of total worldwide annual turnover of the preceding financial year. This may get the attention of the Board – now what does it mean for training and competence professionals?
This is just another of the tsunami of rules being introduced in 2018, alongside MIFID II, GDPR and SM&CR, which will hit financial services firms in the UK in 2018. The IDD consultation is now in its third iteration. We have had CP 17/7, CP 17/23 and most recently CP 17/33.
This has been a popular question on recent FCA visits. With the deadline for Accountability II expected in 2018, are you confident in your answer to this question? Mark Jones, Director at Unicorn Training, takes a look at how you can be. So 2018 is here – foretold as the year of regulatory nightmares.
The new SM&CR Regimes are aimed at bringing greater transparency and individual accountability into the wider financial services market place. It promises to deliver considerable change to firms across all the different sectors.
My reaction to the ‘Accountability 2’ Consultation Paper (CP17/25) is one of initial relief that it has finally been published and some subsequent frustration that it still leaves some significant gaps. I have not, as yet, looked closely at the Insurance paper (CP17/26) or the details relevant to EEA and non-EEA firms.
