Following an earlier consultation, the FCA has published a policy statement (PS17/8) setting out the final rules which extend the FCA Code of Conduct sourcebook to standard non-executive directors (NEDs) in banks, building societies, credit unions and dual-regulated investment firms and insurance firms. The new rules form part of the new senior management accountability regime […]

For all those that have been moving to Hong Kong, the following will be of great interest. As we all know Regulators in key markets around the world have increasingly looked for more effective ways to hold senior managers of financial institutions accountable for failings or wrongdoing within their institutions, driven by the belief that […]

The FCA and PRA have published a joint consultation paper (FCA CP15/5 and PRA CP7/15) on the revised position of Non-Executive Directors (NEDs) of UK banks in respect of the Senior Managers Regime (SMR), as well as the application of the presumption of responsibility provisions introduced by the Financial Services (Banking Reform Act) 2013 to […]

The FCA and PRA are seeking to put their tough talking into practice. Alison McHaffie, a partner at the CMS Financial Services team in London. assesses the extent to which the regulators are achieving their goal of holding senior management to account. considers recent enforcement cases, and developments such as the new senior managers regime […]