In times gone past T&C has been regarded as a bit niche or as people call it today… boutique! However, that myth can be dispelled. What might have been the perceived domain of retail investment advice now has critical relevance across so much of modern FCA regulation; RDR, MMR, IDD, MiFID II and in particular SM&CR.
For banks facing a growing regulatory burden and more intense scrutiny, could ‘RegTech’ prove more than just the latest buzzword?
An article by The Chartered Banker Institute featuring David McNair Scott, CEO of Trailight and Callum Grant, Product Director of Trailight
FCA cross-sector priorities – Conduct and Culture
Remember that an FCA Director of Supervision once said? “The right culture is essential for achieving good conduct performance. This is not though a fluffy view of vague corporate aspirations or value statements”. If you do, you will also remember it was back in 2014.
By: Gary Duncan, Director of GLD Contractors Ltd
‘Our focus on culture and governance in financial services and its impact on individuals and firms conduct is a priority. We will continue to promote the right cultures, behaviours and effective governance across the industry to deliver appropriate outcomes for consumers, markets and competition consistent with our objectives’.
By: Lynne Hargreaves, Clearstep Consulting
The Insurance Distribution Directive (not to be confused with the Initial Disclosure Document!) will replace the Insurance Mediation Directive (IMD) which was introduced in 2005. The IMD was designed to enhance consumer protection and promote competition between insurance firms across the European Union. The IDD has a wider application and aims to strengthen and consolidate the existing IMD rules. The first of two FCA consultation papers (CP) setting out the proposals for implementing the IDD was published in March 2017, with a second to follow in September 2017.
Firms will need to implement the IDD by the 23rd February 2018.
FCA Policy Statement 17/14 – MiFID II Implementation
You could be forgiven for questioning how European regulation might impact financial services organisations in the coming months and years. However, the FCA have made it very clear that firms must continue to abide by their obligations under UK law, including those derived from EU Law, and carry on with implementation plans for MiFID II and other pieces of EU financial services legislation that are due to come into effect.
Therefore, with the EU Directive coming into force on the 3rd of January 2018, there are now less than 6 months to ensure firms understand the impact of MiFID II on Knowledge and Competence and as an organisation, put robust delivery plans in place to clearly identify and close any gaps including HR Strategy, organisational design, people policy and compliance. In particular, this will have an impact on training and competence (TC) and accountability processes.
A whitepaper which provides insights from Medius Consulting as we approach the first anniversary of the initial implementation of the Senior Managers Regime in the UK. It questions whether the full implications of the new regime have yet to be fully appreciated and addressed and is therefore relevant both to those firms and individuals already subject to the regime as well as those to whom it will apply in 2018.
In The Senior Managers Regime (‘SMR’) and Certification Regime came into force on 7 March 2016 for a small but significant number of regulated firms – notably banks, designated investment firms and building societies. This first wave is now referred to as Accountability 1 (‘A1’) and will be followed at some point in 2018 by all other regulated firms – Accountability 2 (‘A2’)
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How KPIs can allow you to link Individual Accountability Regime (IAR) requirements to company performance – By Charles Cattell
As the broader financial services industry prepares for the extension of the Individual Accountability Regime (IAR) to all financial services firms in 2018, this whitepaper explores how firms can use Key Performance Indicators (KPIs) to track staff performance and simultaneously adhere to the compliance requirements of the regime.
Key guidance on what the regulator will expect Senior Manager Functions (SMFs) to evidence to demonstrate they have taken “reasonable steps”. The FCA set out their proposed amendments to the Decision Procedure and Penalties Manual (DEPP) that will give guidance on how they will enforce the “duty of responsibility” for Senior Manager Functions (SMFs).
A whitepaper designed to help you prepare for the extension of the Individual Accountability Regime to all sectors of the financial services industry by – By Charles Cattell
This whitepaper is designed to provide an overview of the challenges that financial services firms will face as the new Individual Accountability Regime (IAR) comes into force in the banking, building society and credit union sectors and as the broader industry prepares for the proposed extension of the regime to all financial services firms in 2018. One of the main goals of this paper is to explain the different aspects of the regime that companies need to consider and shed light on the regulatory aspects which will have the most significant impact on firms.