Fintech Focus Podcast | Managing a Workforce in a Regulated Environment
Fintech Focus Podcast | Growing a Workforce in a Regulated Environment
The Informed Board Podcast | CEO Succession Planning on a Clear Day
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Day 22 of One Month to Better Compliance Through HR-10 Questions to Better Operationalize Compliance
Unfair and Unbalanced-Episode 18
The Prudential Regulation Authority (“PRA”) has kicked-off 2024 by crystallising its new approach to enforcement. The key change is the introduction of the Early Account Scheme (“EAS”), which provides a mechanism for the...more
The UK Prudential Regulation Authority (PRA) has fined the former CEO of Wyelands Bank GBP118,808 for various regulatory breaches, including that he failed to take reasonable steps to ensure the business for which he was...more
Recent changes to the PRA’s approach to enforcement show an increased focus on expediting the investigative process and incentivising early admissions. On 30 January 2024, the Bank of England (the Bank) unveiled a number...more
The latest proposals for improving diversity and inclusion in the UK financial services sector, published by the Financial Conduct Authority and Prudential Regulation Authority, include changes that will impact Senior Manager...more
The Financial Conduct Authority (FCA) and Prudential Regulation Authority’s (PRA) recent proposals demonstrate a divergence in approach when it comes to individual accountability and expectations of senior management in...more
The UK Financial Conduct Authority's consultation on diversity and inclusion (D&I) in financial services proposes new rules and guidance on identifying and taking action in relation to non-financial misconduct such as...more
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a discussion paper on 30 March 2023 seeking opinions on the Senior Managers and Certification Regime (SMCR). Concurrently, the UK...more
Yesterday’s joint Discussion Paper (DP21/2) published by the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA, together “the regulators”) on “Diversity and inclusion in the financial...more
The Prudential Regulation Authority (“PRA”), in December 2020, published a report following an evaluation of whether the Senior Managers and Certification Regime (“SMCR”) is meeting its original aims. - The report includes...more
Following the large-scale changes and challenges faced by firms during the initial phase of COVID-19, firms are beginning to consider what their operating model will be in the next phase and over the longer-term. For...more
On 3 April 2020, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) (together the “Regulators”) issued statements regarding changes to the Senior Managers and Certification Regime for both dual...more
COVID-19: PRA and FCA statement on SMCR expectations of dual-regulated firms - On 3 April 2020, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) published a joint statement on their...more
Several high profile systems failures resulting in customers being unable to access their finances and an ever-increasing reliance on outsourcing key activities to group entities or third parties have unsurprisingly caught...more
The Situation: The Financial Conduct Authority ("FCA") is extending the Senior Managers and Certification Regime ("SMCR") to FCA solo-regulated firms on 9 December 2019 and has also released a number of statements in relation...more
The UK regulatory Senior Managers and Certification Regime (SM&CR) came into force in March 2016 to replace the UK Financial Conduct Authority (FCA) Approved Persons Regime (APR) for firms that are subject to dual regulation...more
The U.K. Financial Conduct Authority has published a report summarizing the preparations that firms are making for the market transition away from LIBOR to alternative risk-free rates by the end of 2021. The report is based...more
The Prudential Regulation Authority has announced that it has imposed financial penalties on two senior managers for failing to be open and cooperative about an enforcement action into the U.K. subsidiary of a Japanese bank...more
On 4 July 2018, the FCA and the PRA released near final rules on the extension of the Senior Managers and Certification Regime (SMCR)....more
The Hogan Lovells’ Corporate Insurance Newsletter for December has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more
Firms should establish implementation teams, create project plans, design procedures, and take several other measures to prepare for the new rules. The UK Financial Conduct Authority (FCA) has published three more...more
The Financial Conduct Authority has published a Policy Statement and final Guidance on how it will enforce the "duty of responsibility". The "duty of responsibility" came into force to replace the much-criticised so-called...more
In March this year the PRA and the FCA introduced the Senior Managers Regime (‘SMR’) for individuals associated with banks and PRA regulated investment firms (from 2018 the SMR will apply to all UK authorised firms). The...more
The Prudential Regulation Authority and the Financial Conduct Authority published revised rules on regulatory references for banking and insurance firms subject to the Senior Manager and Certification Regime and the Senior...more
The Prudential Regulation Authority and the Financial Conduct Authority launched a consultation proposing amendments to the Senior Manager & Certification Regime. Most of the changes result from the legislative changes made...more
Two pieces of secondary legislation brought the revised provisions published on May 5th in the Bank of England and Financial Services Act 2016 on senior manager misconduct into force. The revised provisions replace the...more