Last week, the FDIC (“Federal Deposit Insurance Corporation”) sent out one of its periodic Financial Institution Letters. This one is about Technology Service Provider Contracts, so if you’re the compliance officer or a member of senior management of a financial institution with activities in the US and your firm works with technology services providers, you …
The Global Financial Crisis is pinned to the moral hazard of bankers but the question is whether it has resulted in any changes to senior management accountability in financial institutions. An analysis of the state of things in the UK shows that disregarding culture and governance can be a costly mistake. The GFC The general …
The Increasing Accountability of Senior Management in Financial Services Read More »
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) launched today a consultation on Guidelines on the Assessment of the Suitability of the Members of Management Body and Key Function Holders (the Guidelines). The draft Guidelines aim at further improving and harmonising suitability assessments within the EU financial sectors and so …
EU regulators consult on guidelines on the assessment of the suitability of senior staff Read More »
The Financial Stability Board (FSB) hosted a round table on compensation practices to share experiences and lessons on the use of compensation tools to address misconduct in banks on 10 May 2016 and published a respective summary today. The round table considered the processes for governing and applying compensation and related risk management tools to …
FSB reports on Compensation Tools to Address Misconduct in Banks Read More »
The FCA has published its monthly regulation round-up, which contains an update on the latest news effecting the financial services industry. Amongst other topics this month’s edition focuses on the new accountability regimes for banks and insurers, and the upcoming introduction of the Market Abuse Regulation. The FCA statement and the full report can be …
The FCA has published a statement on the occasion of the Senior Managers Regime for the banking sector and the Senior Insurance Managers Regime both coming into force today. The new regimes will hold individuals working at all levels within relevant firms to appropriate standards of conduct and ensure that senior managers are held to …
New UK accountability regime for banks and insurers comes into force Read More »
The FCA has issued the Policy Statement PS16/6 on Consequential Changes to the Senior Managers Regime. The FCA issues this PS since in January 2016 it consulted on proposed consequential amendments to the Senior Managers and Certification Regime (SM&CR). These changes reflect HM Treasury’s removal of the requirement for firms to report known and suspected breaches of …
FCA issues PS16/6 on Consequential Changes to the Senior Managers Regime Read More »
The FCA today published the Policy Development Update – Issue 30. The document provides information on: publications issued since the last edition information about recent Handbook-related and other developments other publications – consumer publications, guidance consultations and finalised guidance an updated timetable for forthcoming publications This month the Policy Development Update includes an updated timetable for future …
The Financial Conduct Authority (FCA) has today published the final rules confirming their approach to improving individual accountability for those carrying out wholesale activities, such as algorithmic and high-frequency trading, in banks, building societies, and Prudential Regulation Authority (PRA) designated investment firms. The rules also provide clarity on aspects of the Regime’s territorial application. These …
Today the FCA published its Policy Statement PS16/3, in which the regulator sets out final rules for the new accountability framework for individuals working in banks, building societies and credit unions who perform certain wholesale market activities. The FCA had previously consulted on the new rules in July 2015. The full statement and related documents can …
FCA publishes new rules to strengthen accountability in Banking Read More »
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