Thank FCAUK!!

Heads of Legal Spared Life Under the Senior Managers Regime   On 23 January 2019, the FCA published Consultation Paper CP19/4*** “Optimising the Senior Managers & Certification Regime and feedback to DP16/4 – Overall responsibility and the legal function” (the “Consultation Paper”).  The consultation period closes on 23 April 2019, with a Policy Statement slated […]

2018 begins – what does it have in store?

The 2018 working year starts today for most, which provides a good opportunity to consider the months ahead.

Heads on the Block – FCA Consults on Extension of Senior Managers Regime

  Introduction On 26 June 2017, the FCA published its consultation paper, “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms”.  The deadline for responses is 3 November 2017. In future, if they are to sleep easily, all Senior Managers will have to be able to prove that they have taken […]

The Senior Managers Regime and the Legal Function: Don’t Fear the Regulator

The Senior Managers and Certification Regime (SMR) came into force on 7 March 2016[1].  Its purpose is to improve standards by embedding a culture of individual responsibility and accountability within UK banks, building societies, credit unions and PRA-designated investment firms. Under the SMR, there are a total of 17 Senior Management Functions (SMFs)[2] and 30 […]

Aviva CASS Fine: a Warning to All

The Facts On 5 October 2016 the Financial Conduct Authority (FCA) announced that it had fined Aviva Pension Trustees UK Limited and Aviva Wrap UK Limited (together “Aviva”) £11,781,262 (reduced to £8,246,800 on account of early settlement) for breach of the Client Assets (CASS) rules. The case is interesting as it is the first which […]

Instilling a culture of compliance

On 5 July, JWG hosted their RegTech Capital Markets Conference in London, attracting over 150 attendees from top tier banks, buy-side firms, vendors, lawyers and academics from across the industry.  A speech from the FCA’s own Nick Cook at the start of the day told of the clear signs of progress being made and reiterated

SMR remains challenging despite less than two weeks until full effect!

Only hours before JWG’s Customer Data Management Group (CDMG) met on 23 February, an announcement was made that more than a third of firms that submitted their responsibilities under the Senior Managers Regime (SMR) had been rejected for technical reasons. The UK FCA/PRA SMR passed its first major milestone for grandfathering on 8 February and

It’s official! MiFID II is delayed

After months of rumour and speculation, The European Commission has today finally spoken out on the delay of MiFID II.  The Commission has announced a 1-year extension to the implementation, making the new deadline 3 January 2018. In justifying their decision, The Commission cites “the complex technical infrastructure that needs to be set up for

Filling in the responsibility gap in UK banking

The FCA has just dropped their comprehensive review of UK banking culture, which focused on whether pay, promotions or incentives in the financial sector encourage malpractice.  Shortly after its announcement last year, it has been shelved, with the FCA citing that each business is unique and thus cannot easily be compared. To some this is