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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 individuals within regulated firms accountable for their conduct and competence – is bound to be affected ...
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 course, pre-pandemic, which has had a material impact on how and where the regulator has deployed its res...
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 exchange and mutual assistance between the UK authorities and the EBA in the field of banking; and ...
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) on the implementation of the CRD V Directive (EU/2019/878) (" CRD V"). 24 December In relation to Br...