Page 21 - Certification Regime News Today

Given the lack of regulatory action against senior managers by the Financial Conduct Authority (FCA), the analysis of individual accountability in the context of the Senior Managers and...

No change to SMCR requirements despite organisational restructurings Remote-first firms must continue to comply with FCA regime despite changes in company processes by Leanna Reeves - January 26, 2021 Market participants are urging firms to continue to comply with the FCA’s Senior Managers and Certification Regime (SMCR) whilst switching to remote working, particularly as reduced monitoring from the regulator could cause further risks of misconduct. The SMCR – which aims to hold individu...

Simon Collins: Clues to changes under new-look FCA The change in leadership at the regulator may signal a revised approach towards supervision of firms By Simon Collins 26 th January 2021 9:50 am At the start of 2020, the FCA issued a number of ‘Dear CEO’ letters signposting the key issues it was going to be focusing on during the year, including customer detriment, implementation of the Senior Managers and Certification Regime, and culture to name a few. That was, of cours...

a multilateral MoU with EU and EEA NCAs covering supervisory cooperation, enforcement and information exchange between UK and EU/EEA national supervisors in the field of insurance regulation and supervision; an MoU with the European Insurance and Occupational Pensions Authority (EIOPA) covering information exchange and mutual assistance between the UK authorities and EIOPA in the field of insurance regulation and supervision; an MoU with the European Banking Authority (EBA) covering information...

Thursday, January 7, 2021 31 December The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have. 30 December In relation to Brexit, the UK-EU Trade and Cooperation Agreement was signed, which would apply from 1 January 2021. 28 December The Prudential Regulation Authority ("PRA") published a policy statement (PS29/20) ...

Click the thumbs up > As the Financial Conduct Authority (FCA) ban on all discretionary commission (DiC) models in motor finance approaches, what are the alternatives for automotive retailers? The ban, from next January 28, follows consultation in October 2019 which was expected to result in a final decision in Q2, before COVID-19 held-up the FCA’s decision-making process. Confirmation finally came through in July. FCA interim chief executive Christopher Woolard said back then: “By banning ...

Click the thumbs up > Motor retailers have just weeks to get their house in order before clearer rules referring to finance commission disclosure come into effect. By January 28, any dealer involved in brokering motor finance must have given “prominence” to the fact that they earn income from finance referrals. Upon knowing this, it is possible a customer might choose to make alternative finance arrangements. After the January date, retailers must include a disclosure statement in financial...

ADVERTISEMENT ADVERTISEMENT Credit Broker Loses FCA Authorization For SMCR Failings Law360, London (December 22, 2020, 12:51 PM GMT) -- The Financial Conduct Authority said Tuesday that it has canceled a credit brokers authorization to offer financial products to consumers after the company failed to appoint a senior manager to ensure that it is following the regulators rules. The City watchdog said that it has removed permission to carry out regulated activities from G&M Supplies (Cumbria) Ltd...

To embed, copy and paste the code into your website or blog: Recent regulatory developments of interest to all financial institutions. See also sector specific updates in the Related Materials links. Contents Sanctions Regulations (EU Exit) (Commencement) Regulations 2020 UK financial services overseas framework: HM Treasury call for evidence BoE Financial Stability Report and FPC summary and record SMCR implementation: PRA evaluation UK Investment Firms Prudential Regime: FCA CP20/24 FCA Handb...

Getting to grips with the changes that have been brought in as a result of the Senior Managers and Certification Regime (SMCR) for all FCA regulated businesses is not easy.