Tag: Senior Management

FCA statement on IFPR eligibility for enhanced SM&CR status as a Significant SYSC firm

On 16 August 2022, the Financial Conduct Authority (FCA) published a statement on the Investment Firm Prudential Regime (IFPR) and eligibility for enhanced Senior Managers and Certification Regime (SM&CR) status as a Significant SYSC firm. The statement provides that, since the FCA provided a new definition of ‘significant SYSC firm’, stakeholders have highlighted that the … Continue Reading

HM Treasury consultation response – SMCR for FMIs

On 7 June 2022, HM Treasury published the consultation response to its earlier consultation on a senior managers and certification regime (SM&CR) for financial market infrastructures (FMIs). Key points in the consultation response include: The UK Government believes that creating an SM&CR for FMIs remains a desirable and effective means of achieving its objectives of … Continue Reading

PRA updates web page on strengthening accountability

On 1 June 2022, the PRA amended its web page on strengthening accountability by updating the self-assessment templates and tables section by inserting RPS templates which have since been updated to reflect changes made to the remuneration part of the PRA rule-book following Policy Statement 28/21: Remuneration: identification of material risk takers.… Continue Reading

Senior management responsibility in banks: We compare regulation around the world

Regulators around the world have made clear their view that responsibility for the culture of a bank sits at the top; if senior management creates the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis, the senior management of banks has come under increasing regulatory scrutiny and, in some jurisdictions, … Continue Reading