Browse all articles across people aspects of regulation and people development within UK financial services
Firms have had some considerable now to digest the FCA’s proposals to extend the Senior Managers & Certification Regime (SM&CR) to all regulated firms – although as everyone will be acutely aware – we still don’t have a confirmed timeline on this!
In their latest business plan the FCA (Financial Conduct Authority) have identified 7 priorities for the next 12 months. Firms can use these to consider where to focus their own resources. Culture/governance – the challenge is for firms to demonstrate the effectiveness of their governance arrangements and how this leads their culture.
As the number of “GDPR (General Data Protection Regulations) compliant” privacy notices in my inbox long since ticked into 3 figures, all received in the week before 25th May, it has struck me how terrifying new regulation can be and how misunderstood are the rules and reasons for the new regulation.
Usually a leaver’s debrief is left to the firms’ HR department, if the firm has one.
After what seems like an age, MiFID II finally came into force on 3rd January 2018. Although far reaching in certain areas, e.g. the need for greater auditability of client interaction and investment decisions, it could be one of the less ‘headline grabbing’ elements that may well have the most far reaching implications for firms.
It’s nearly two years since the FCA launched SMCR and SIMR. The intention was to put individual responsibility at the heart of how regulated firms conduct themselves. So how well have firms coped with these significant changes? Have senior managers changed their behaviours?
As key elements of the Accountability regime, Reasonable Steps, the Senior Manager’s Conduct Rules and the linked ‘Duty of Responsibility’ all reflect the above objective for ‘managing culture’. Jonathan Davidson, Director of Supervision at the FCA gave a speech back in September 2017, about the extension of the Accountability regime.
In times gone past T&C has been regarded as a bit niche or as people call it today… boutique! However, that myth can be dispelled.
Are you well-positioned or are you crossing your fingers hoping that the Economic and Monetary Affairs Committee (ECON) of the European Parliament is successful in postponing the implementation of the Insurance Distribution Directive (IDD) until the 1st October 2018?
We have all now had a couple of months to enjoy the consultation papers published for Accountability 2, CP17-25 and CP17-26.In this article I will highlight some of the key areas for firms to focus on when considering their response to these papers.
So the proposed details of the Accountability 2 regime are out there and firms now at least have some answers regarding proportionality and the levels of requirement that will apply to them. As before the Consultation Papers’ publication – many firms still appear to be focusing on the ‘least case scenario’ i.e.
We are delighted to announce that four representatives from four companies have stepped forward to form our SMCR panel. Each representative is highly experienced and expert in their field and is willing to answer questions you may have in relation to the Senior Manager and Certification Regime.
