Certification Regime – help and support

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Today, 10 December 2018 marks the start of the Certification Regime for Insurers.  Banks and Building Societies and other ‘Relevant Authorised Persons’ have been subject to this regime since March 2016.  Other firms categorised as Enhanced, Core or Limited Scope (essentially FCA single regulated firms) will be subject to this same regime from December 2019.  These other firms will have a year from 10 December 2019 to issue certificates to all employees performing certification functions but are expected to complete a number of actions before this start date. The FCA together with leading experts in regulation are strongly encouraging firms to take early steps in their preparation for the Certification Regime as experience has shown that often more time is needed that expected.

The FCA together with leading experts in regulation are strongly encouraging firms to take early steps in their preparation for the Certification Regime as experience has shown that often more time is needed that expected.

The FCA has told us quite clearly that these regulations are a key tool in addressing the issues they are concerned about around company culture. Building the right response requires you to link together values, code of conduct, TCF, T&C, Competency Frameworks, Performance Management and of course your company culture (created by the way you do things).

The bottom line is that you cannot achieve these changes overnight, and ideally need the full time allowed by the regulators to engage the relevant business areas, plan, design, train, embed, monitor and review.

Our message is clear – start now!

 

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About Author

I provide consultancy and support to UK based financial services companies helping them to design and implement practices that develop their people, achieve their business goals and comply with the needs of the regulators. I specialise in T&C, competence assessment and conduct which may be of particular interest to companies as they address the requirements of the Certification Regime and Code of Conduct requirements. My specialities include: Knowing you have a business to run Valuing your people as your greatest asset Keeping things simple, practical and relevant Engaging the business to promote ownership Ensuring Compliance is a natural by product of doing things well

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