There will no doubt be many concerned faces amongst senior management this year as the new rules for the Senior Managers and Certification Regime (SMR) come into force over the next 12 months. The first implementation date will be in February 2016 when firms will have to submit documents for grandfathering, then commencement of the
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
JWG analysis. The ousting of Martin Wheatley from the Financial Conduct Authority during the summer is a sign that the UK Government wants to take a stand on ‘bank bashing’, sending a global message that London is a bank friendly capital, and that there will be more emphasis on individual responsibility. During this year, there
JWG analysis. At the 8th Customer Data Management Group (CDMG) meeting of 2015, on 18 August, over 20 members from 10 firms came together to discuss the new Market Abuse Regulation (MAR) and the potential challenges it holds. With less than 11 months until particular sections of MAR will apply to the financial services industry,
JWG analysis. The commencement date (March 2016) of the Senior Managers Regime is fast approaching – but what does it mean for senior managers? And will anyone want to be a senior manager when the regime finally commences? Whilst the new regime will only affect new applicants directly, those who are certified under the existing
By Sam Tyfield and JWG. As RegTech readers may recall, back in 2014, the prudential regulator in the UK released new rules for the firms it regulated – the ‘senior managers regime’ or SMR – and that the Bank of England was running a Fair and Effective Markets Review (FEMR) looking at what needed to change in
This summer, we found that the industry could face up to three Eiffel Towers high worth of paper from the G20. Curious about the risks inherent in managing that many documents, we asked Meredith Gibson, Head of Legal Risk at Santander UK, and Helen Pykhova, Director of The Op Risk Company and Chair, Operational Risk
JWG analysis. The Bank of England (BoE), along with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority, has released 2 joint consultations and 1 policy statement on remuneration, clawbacks, and accountability in Financial Services: 30 July – Policy Statement PS7/14 Clawback – here 30 July – Consultation Paper PRA CP15/14/FCA CP14/14 Strengthening the
By Sam Tyfield, Vedder Price Whilst it comes as no surprise that the FCA would like to see a UK branch or subsidiary of an overseas firm managed from within the UK, it is worth reiterating the point given that, in a speech given last month by Clive Adamson, Director of Supervision at the FCA