FCA to strengthen senior managers' regime with new measures

Rolled out to all regulated financial services firms from 2018

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has proposed a number of new measures to strengthen its senior managers' regime after finding some firms were gaming the rules.

In a series of papers published on 28 September, six months after the new rules came into force, the regulator set out its plans for a better functioning accountability regime. Measures proposed included a new guidance on the 'duty of responsibility' for senior managers, a requirement for UK bank branches to highlight FCA whistleblowing services, and an extension of the conduct rules to all non-executive directors of banks and insurers. The regulator will also publish a discussion paper about how those heading up the legal function in firms should be treated. The Senior Managers an...

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