FCA: Senior managers' regime no end to action against firms

Will continue to fine firms

Carmen Reichman
clock • 2 min read

The senior managers' regime does not shift corporate liability onto individuals and will not spell an end to action against firms, the Financial Conduct Authority (FCA) has said.

Speaking at the New York University director of enforcement and market oversight Mark Steward said the new rules were no free pass for firms and heavy fines on corporates would still be issued for misconduct. Implemented last year, the senior managers' regime was the result of recommendations by the UK Parliamentary Commission on Banking Standards, which asked for a regime that would put a greater onus on individual responsibility of senior managers.  The regime is set to be widened out to the rest of the industry, including financial advisers, in the coming years. The overriding p...

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

FCA data request prompts SimplyBiz's sector-wide compliance session

FCA data request prompts SimplyBiz's sector-wide compliance session

Nearly 600 advisers sign up for July webinar on navigating new s165 data requirements

Sahar Nazir
clock 09 July 2025 • 2 min read
FCA data information request: Four focus areas for advisers

FCA data information request: Four focus areas for advisers

‘Data is not just a compliance tool it’s a strategic asset’

Chris Davies
clock 07 July 2025 • 5 min read
FCA to extend bullying and harassment rules to non-banks

FCA to extend bullying and harassment rules to non-banks

Extension will apply to 37,000 firms

Cristian Angeloni
clock 02 July 2025 • 2 min read