Page 19 - Certification Regime News Today

FCA to question firms on diversity and inclusion By Sonia Rach 27 th April 2021 9:16 am The Financial Conduct Authority plans to interrogate firms on diversity and inclusion by adding a sixth question to its conduct questions list. Currently the five conduct questions, focus on “tone from within” and require every person in an organisation to be personally accountable and engaged. Speaking at a virtual event at NYU Law School, FCA executive director of enforcemen...

Firms face ‘last chance’ for directory persons deadline By Katey Pigden 27 th April 2021 8:46 am Financial firms who did not meet the Financial Conduct Authority’s directory persons deadline at the end of March are being urged to heed the final call for submissions. Last week, the FCA emailed some 2,800 consumer-facing firms who did not submit the required information about certified staff, giving them a week to comply, according to B-Compliant. The compliance ...

Compliance, Culture And Evolving Regulatory Expectations, Speech By Mark Steward, UK Financial Conduct Authority Executive Director Of Enforcement And Market Oversight, Delivered At NYU Law School Date Event: NYU Law School (Virtual) Delivered: 31 March 2021 Highlights The Senior Managers Regime (SMR) has changed the way firms allocate responsibilities, align those responsibilities to relevant controls and ensure oversight as to how these controls operate down the line. The 5 Conduct Quest...

<p><span>The FCA has published a </span><a rel="noopener noreferrer" target="_blank" class="ext" href="https://www.bankofengland.co.uk/prudential-regulation/publication/2021/april/joint-pra-and-fca-statement-on-the-fsb-peer-review-on-remuneration">joint statement with the PRA<span class="ext"></span></a><span> welcoming the Financial Stability Board’s (FSB) Peer ...

Have the regulator’s SMCR rules changed anything? Work on the assessment of implementation had been delayed but will be an area of focus for the FCA this year By Jon Roberts 14 th April 2021 3:37 pm Now that the final elements of the Senior Managers and Certification Regime have been implemented for FCA solo-regulated firms, it’s a good time to reflect on how it went and any lessons learned. There is a view that SMCR has not really changed anything — that it was merely a d...

To embed, copy and paste the code into your website or blog: The Prudential Regulation Authority (“PRA”), in December 2020, published a report following an evaluation of whether the Senior Managers and Certification Regime (“SMCR”) is meeting its original aims. The report includes PRA observations on how firms have implemented the SMCR and, although the PRA does not suggest radical changes to the regime, here we set out practical considerations on some of the key points made. Recruitmen...

  The financial year to 31 December 2020 has been a very challenging period, during which the COVID-19 pandemic and the protective measures that were subsequently introduced, have had a significant impact on the economy, whilst also affecting the personal and working lives of most people. This global health crisis has had a wide reaching impact across our society and the thoughts of the Directors are with all of those who have been affected.   Against this economic backdrop, it is encouraging...

To embed, copy and paste the code into your website or blog: Five years ago, on 7 March 2016, the Senior Managers and Certification Regime (SMCR) came into force. At first it applied only to dual-regulated banks, those which are regulated both by the FCA and PRA. The regime has since been extended to dual-regulated insurers and on 9 December 2019 it started applying to most solo-regulated firms. A product of the financial crisis, the SMCR was aimed at increasing both responsibility and accounta...

Leader: Diversity – The FCA is watching you By Justin Cash 11 th March 2021 11:26 am Happy belated International Women’s Day, everyone. We went to press the day after the big day and, in an amazing spot of fortune, this year’s event coincides with our own Wonder Woman, Katey Pigden, being appointed as the new editor of Money Marketing. As I prepare to move on to pastures new, I have every confidence that Katey will lead the magazine into an even brighter futur...

All dual-regulated and FCA solo-regulated firms are now under the scope of the Senior Managers & Certification Regime (SMCR), with many working hard in recent months to ensure all...