The Financial Conduct Authority (FCA) has announced that it will
consult on new measures to reinforce individual accountability, six
months after the Senior Managers and Certification Regime was
The proposed measures include:
Providing new guidance on the "Duty of
A new requirement for UK branches of
overseas banks to tell their UK-based employees about the
whistleblowing services offered by the FCA and the PRA; and
Extending the conduct rules to all
non-executive directors of banks and insurers.
The FCA has also indicated that it will publish a discussion
paper about how those heading up the legal function in firms should
be treated under the Senior Managers and Certification Regime.
Andrew Bailey, Chief Executive of the FCA, said:
"Generally, we have observed that firms are taking their
responsibilities seriously and have broadly got the regime right.
But we recognise culture change takes time and there is still more
to do. So we have to keep a watchful eye on the progress firms are
The overall message from the FCA is positive and provides comfort
to those firms who will become subject to the regime in 2018.
However, the FCA has reported that they have seen evidence of
overlapping or unclear allocation of responsibilities, or that some
responsibilities have been shared amongst more junior staff. This
goes against the intent of the Senior Managers and Certification
Regime and must be addressed.
If you have any questions regarding the allocation of
responsibilities, or the proposed changes for overseas banks with
UK branches and the plans to bring non-executive directors within
the existing conduct rules, please do get in touch.
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The Court of Appeal has held that where a contract of employment lacks a provision for when notice of termination takes effect, it is effective from when the employee personally takes delivery of the letter containing notice.
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