25 May 2016
On 7 March 2016, the Senior Managers Regime came into force in the United Kingdom, introducing a new approach to the regulation of individuals working at banks and PRA-authorised investment firms.
The political driver for this new regime is to “strengthen accountability in banking”, by making it easier for regulators to discipline individuals for regulatory failures in firms.
However, the simplicity of that single intention has not translated into its implementation. Instead, there is a huge amount of confusion surrounding the regime, caused by the vast quantity of documents published by the regulators and fuelled by a certain amount of scaremongering by some commentators.
What has been lacking is practical guidance on what the regime change means for senior managers and the steps that you need to take to protect yourself from unnecessary regulatory risk. KYC360 contributor and partner in the Financial Institutions Investigations team at Berwin Leighton Paisner LLP in London, Polly James, has developed the Senior Managers Survival Guide which offers clear practical advice to SMF holders and answers some of the key questions that Polly and her team are often asked.
In an exclusive KYC360 webinar, Polly James talks about the new Senior Managers Regime and analyses the features of the new regime that will impact banks and their employees. Polly also considers what banks should be doing to comply with the regime.
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