Senior Managers and Certification Regime – what needs to be done by 9th December 2019

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 leading to the FCA and PRA applying the SM&CR to banks and insurance companies. Parliament made further changes to legislation in May 2016, requiring the FCA to extend the regime to all FSMA authorised firms.

Significant changes are being proposed that will now take effect from 9 December 2019.

This will mean changes to your Approved Persons with Non Executive Directors no longer needing approval although the current/future Board Chair will and conduct rules applying for the first time ever to ALL staff - do you know what changes you will have to make?

Everyone attending will receive a free copy of the slides plus a draft template setting out Statements of Responsibility, Duty of Responsibility, Shared Responsibility and Other Responsibilities for a typical general insurance broker (which can be adapted to suit). You need to create this for all Senior Managers in time for 9^th December 2019.

A light buffet lunch and refreshments will be available from 12.15 with the seminar starting at 1p.m. for an hour.

By the end of this event delegates will have gained an insight into:

• Why the need for change
• SM&CR proposals (wider applicability than current Approved Persons Regime)
• Chair of the Board - new approval needed
• Certification requirements
• Fit and Proper requirements
• Conduct rules that will apply to all relevant staff
• Transitional arrangements

Branko Bjelobaba joined the insurance industry in 1987 and has worked across the sector for a number of leading firms. In 2003 he formed Branko Ltd, an award winning compliance consultancy publisher of a hugely successful series of DIY compliance manuals. He is regularly called upon to write for leading publications, to present to various audiences and has judged the Insurance Age and Health Insurance Awards on a number of occasions.

Branko qualified as a Fellow of the Chartered Insurance Institute (FCII) in 1994, holds Chartered status and is also a Member of the Institute of Directors (MIoD). He became a Liveryman of the Worshipful Company of Insurers and a Freeman of the City of London in 2002. He was appointed a Vice President of the CII in 2008. Branko was voted Thomson Reuters Compliance Personality of the Year 2012.

The Nottingham Insurance Institute charges for non-attendance at all CPD events. If you do find that you are unable to attend, we ask that you give us at least 4 working days’ notice that you are no longer able to attend.

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