The Senior Managers and Certification Regime, intended to improve standards and increase transparency and communication between the financial services industry and the regulators, are due to be implemented in just weeks. These rules make individuals accountable for their own behaviour and ensure that those with significant influence regularly undergo checks confirming they are fit and […]
Martin Wheatley, then FCA chief executive, introduced the Senior Managers Regime, Certification Regime and Conduct Rules with the certainty that: “Today we have given clarity on rules that will embed personal accountability into the culture of the City. New conduct rules will add further momentum to improving standards across the industry.” Yet key questions remain […]
In 2013, the Parliamentary Commission for Banking Standards set out plans to improve professional standards and culture in the UK financial industry, promote transparency and increase communication. Following detailed consultation, these rules come into force in March, falling under three categories: Senior Managers Regime Certification Regime Conduct Rules According to the August 2015 FCA media […]
The latest development in the ongoing plans to implement the Senior Person’s Regime for Financial Services is that the Treasury has made a U-turn on its proposal to impose a ‘guilty until proven innocent’ approach. The so-called “reverse burden of proof” would have demanded senior bankers proved they were unaware of any wrongdoing at their […]
Through our work with the UK’s leading banks it has become apparent that there remain significant questions at the very highest levels in the industry about soon-to-be-implemented changes to UK financial regulation. With the Senior Managers Regime, Certified Regime and Conduct Rules coming into force in just months, clear direction is needed to ensure a […]
On the 7th July 2015 the FCA and PRA published the final rules for the new regulatory regime for banks, building societies, credit unions and PRA-designated investment firms. These rules come into force on the 7th March 2016 and there is a timeline for implementation of various phases of these rules. Within this publication they […]
