News

  • 21 Nov

    Compliance Matters – 15 November 2016

    SM&CR regulatory references – further challenges for all

    At the end of September the FCA published a policy statement in which it outlined its new ‘regulatory referencing’ requirements.

    These new rules will affect firms and individuals already subject to the Senior Managers & Certification Regime from March 2017 onwards.  Firms on which the SM&CR will be imposed in 2018 will also have to comply.

    READ MORE

     

    By Neil Herbert Articles News
  • 14 Nov

    Compliance Matters – 7 October 2016

    The very real dangers of the Senior Managers Regime: your survival guide

    The new Senior Managers and Certification Regime aims to encourage senior managers at British financial firms to take responsibility for their actions, but its primary function is to hold them accountable for other people’s.

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    By Neil Herbert Articles News
  • 06 Oct

    T-C News Article – October 2016

    The stark reality of the SM&CR for HR Directors

    The Senior Managers and Certification Regime (SM&CR) is a great opportunity for the HR profession to truly be part of the senior management team within financial institutions, but it undoubtedly raises new challenges and indeed legitimate concerns for many, writes Neil Herbert, Director of T&C software firm HRComply.

    For some time now I have been raising the issue of advancing regulatory creep on HR departments across the financial services sector.  Finally, and irrefutably, those implications have become reality.  The new SM&CR is already capturing banks and PRA-designated firms within its remit and is now set to roll out across the industry as a whole.

    READ MORE

    By Neil Herbert Articles News
  • 05 Jul

    Compliance Matters – 28 June 2016

    The role of HR in the Senior Managers and Certification Regime

    Neil Herbert reflects on how HR teams must step up to the plate under the new SM&CR regime.

    No doubt to the relief of overworked compliance officers, ‘training and competence’ or T&C is coming more and more under the purview of human resources departments at banks.

    READ MORE

    By Neil Herbert Articles News
  • 31 May

    FinanceDigest Article – May 2016

    Creating a culture of compliance

    What is culture? The Oxford English Dictionary defines it as -The philosophy, practices, and attitudes of an institution, business, or other organization. Generally culture is something that develops naturally over long periods of time shaped as it is by so many factors – societal, demographic, political, social economic etc. It is certainly a very long period of time since the FCA started banging on about culture within financial services institutions – and their expectations in this regard. The FCA’s message has been as unequivocal as it has been longstanding – that it is looking to hold senior management accountable for the embedding of compliant cultures and high ethical and conduct standards. To judge by recent increases in enforcement levels relating to conduct – one could be forgiven for thinking that this has fallen largely on deaf ears.

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    By Neil Herbert Articles Blog News
  • 18 Oct

    T-C News Article – October 2015

    Getting ready for the Senior Managers Regime

    The Senior Managers Regime (SMR) is coming soon and firms across the financial services industry are beginning to focus seriously on the consequences of this new regulation and their required
    response.  The new rules are wide ranging but there are four main strands:

    1. The new Senior Managers Regime
    2. The new Certification Regime
    3. A new set of Conduct Rules
    4. New Fitness and Propriety

    Those firms that will obviously be subject to the regulation (UK banks, building societies, credit unions, PRA designated investment firms and incoming branches of overseas banks) should be well underway with their response by now. A much wider set of firms, however, must be aware of the proposals. READ MORE

    By Neil Herbert Articles Blog News
  • 12 May

    Compliance Matters – 12 May 2015

    Conduct risk: how to get to the root of the problem

    These days, when a firm has to follow things up after a visit from the UK’s Financial Conduct Authority, the regulator is likely to ask it to write a letter attesting that it has completed all the followup tasks. This used to occur only after warning of enforcement. This is one way of offseting ‘conduct risk,’ which we examine in this article.

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    By Neil Herbert Articles News
  • 09 May

    Compliance Matters – 20 May 2015

    Market abuse – is it too much for the compliance team?

    An FCA speaker at a recent industry conference owned up to the fact that her organisation deliberately did not have a master definition of ‘conduct risk.’ What does this mean for a bank or other firm that honestly wants to stop its staff from abusing the market?

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    By Neil Herbert Articles News
  • 09 Apr

    April 2015 Newsletter – Spotlight on Wholesale

    Regulatory Conduct Reaches Wholesale and Institutional Sector – New Challenges for Compliance, Risk and HR.

     

    In this quarter’s newsletter we are focusing on the wholesale sector – both buy-side and sell-side institutions and some of the key challenges that FCA regulation presents.

    Up close and personal

    It’s been a while coming but no one could say they were not warned. The FCA has long signalled its intention to focus its attention on the wholesale and institutional sector – both buy- and sell-side. For some time the primary conduct and associated T&C focus has been on the retail sector – mainly driven by the RDR shake up. As a result the wholesale  sector has been lulled into a state of complacency.

    CLICK HERE TO READ MORE

    By Neil Herbert News
  • 09 Apr

    T-C News Article – April 2015

    Wholesale firms must take the issues of conduct risk and market abuse very seriously indeed.  Any firms that do not will run significant regulatory risks at both corporate and individual levels.
     

    READ ARTICLE

    By Neil Herbert Articles News
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