The FCA's Senior Managers and Certification Regime brings a need for self-regulation, writes Chris Davies. And senior managers within retail investment advisers (RIAs) and wealth management firms will need to ensure they can prove they have their finger on the pulse for governance, risk and compliance within their businesses …
The introduction of this regulation marks a profound change where the burden of proof under the Approved Persons Regime (APER) is with the regulator. This shift means the C-suite and Compliance officers face a greater range of challenges. These include: - Ensuring the right people are in the right roles with the right responsibilities - Financial promotions are kept within the FCA remits for misleading promotions, plus an increasing number of platforms (e.g. social media falling under the FCA's financial promotion rules) - Avoiding group think and bring a culture of challenge to commit...
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