Is Your Compliance Team Failing To Prepare Senior Management For The Future?

The Financial Conduct Authority will put firms senior managers “through their paces” with the introduction of the Senior Manager’s Regime in 2018, …

… and regulatory professionals need to ensure that the board takes its compliance responsibilities seriously“, the owner of “Compliance Consultant“, Lee Werrell has warned.

“Although the industry had yet to see the regulator take a senior management “scalp”, the FCA will, as now, expect Directors, Chief Executives, Some Non-Executive Directors and their boards along with other Senior Management to be fully conversant with day-to-day compliance and risk issues. Boards must be well informed through relevant and pertinent MI”, he added.

The FSA’s Enforcement Guide 8.2 states ‘The FCA will proceed on the basis that a firm (together with its directors and senior management) is primarily responsible for ensuring the firm conducts its business in compliance with the Act [FSMA], the [FCA] Principles and other rules.’

Despite the fact that it would not be reasonable to expect the chief executive of a large company to deal with this level of detail on a daily basis, whenever any issue of compliance or risk arises, the regulator would typically ….

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