Guide to the senior managers regime
- Gain an understanding of the senior managers regime.
- Learn about the roll-out of the senior manager rules
- Grasp what impact the rules will have on hiring
Guide to the senior managers regime
- Gain an understanding of the senior managers regime.
- Learn about the roll-out of the senior manager rules
- Grasp what impact the rules will have on hiring
Introduction
By Simoney Kyriakou
The Financial Conduct Authority and the Prudential Regulation Authority brought in the Senior Managers Regime this year to improve individual and corporate responsibility and accountability.
While the measures under the Senior Managers Regime (SMR) focus currently focus on big deposit-takers and insurers, the whole financial services industry will experience a full roll-out in 2018.
Advisers should therefore get abreast of the measures now.
This September, two particular elements of the SMR came into force: improvements to the whistleblowing regime and measures to prevent the so-called rolling bad apple employee turning up in firm after firm without proper checks and balances.
This guide provides an overview of what the SMR is and when it might start to affect financial advisers, what the whistleblowing requirements are and what the new employee reference checks mean.
By reading this guide, you will learn what sort of additional hurdles advisory firms might expect when the SMR starts to apply to the whole financial services industry.
Contributors of commentary to this guide: Linda Todd, head of operations for Bankhall; Arpita Dutt, partner at Brahams Dutt Badrick French; Gill Davidson, group regulatory director for Tenet; Alexandra Roberts, senior policy adviser for the Association of Professional Financial Advisers; and the FCA.
simoney.kyriakou@ft.com
