WEBINAR - Extending the Senior Managers & Certification Regime to all FCA Firms

In response to the 2008 banking crisis and significant conduct failings such as the manipulation of LIBOR, Parliament set up the Parliamentary Commission for Banking Standards (PCBS) to recommend how to improve standards in the banking sector. PCBS recommended a new accountability framework focused on senior management. It also recommended that firms take more responsibility for employees being fit and proper, and that there be better standards of conduct at all levels in banking firms.

Based on these recommendations, Parliament passed legislation in December 2013, leading to the FCA and Prudential Regulation Authority applying the SM&CR to the banking sector. Parliament made further changes to legislation in May 2016, requiring the FCA to extend the regime to all FSMA authorised firms.

Significant changes came into effect from 9 December 2019. This meant key changes to the leadership team and for the first time ever, conduct rules applying to ALL staff a year later – are you sure that the changes you made are in line with what is required?

Learning Objectives:

• SM&CR requirements
• Certification requirements
• Chair of the Board - new approval needed
• Fit and Proper requirements
• Conduct rules that will apply to all relevant staff
• Transitional arrangements
• Covid19 updates

Speaker Profile:Branko Bjelobaba FCII has worked for 32 years across the sector and latterly at PwC and GISC and has led his own consultancy practice for 16 years. He works closely with BIBA (and has published its compliance manual since 2004) and the CII and has provided many well-received training events throughout the UK. He is a recipient of the London Market People Award for Legal and Compliance and is a Thomson Reuters Compliance Personality of the Year.