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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

2024 general election: Under 50s more positive about Labour's win

2024 general election: Under 50s more positive about Labour's win

Highlights an intergenerational divide in financial planning

Professional Adviser
clock 11 July 2024 • 1 min read
Regulatory change squeezes advisers' time for investments

Regulatory change squeezes advisers' time for investments

'The pace of regulatory change has become relentless'

Andy Miller
clock 04 July 2024 • 3 min read
FCA bans and fines trio from defunct DFM SVS Securities

FCA bans and fines trio from defunct DFM SVS Securities

Bans and fines issued for mistreatment of pension funds

Jenna Brown
clock 24 June 2024 • 2 min read