The New Individual Responsibility Regime - Extending it across the Financial Services Industry

03 August 2017 Download PDF

On 26 July 2017, the FCA published consultation paper CP17/25 on the extension of the Senior Managers and Certification Regime (see our earlier report, which summarises the key proposals here).

Our brochure looks at each of the key elements of the new regime, assessing how they will apply to non-banking firms. With its proposals, the FCA has built on how the new regime has been implemented with banks, but has included several new elements that take into account proportionality, which will benefit smaller or simpler firms and impose additional requirements on those firms that are the largest and most complex.

We review in turn:

1. The basic structure
2. The designated senior management functions
3. Allocation of responsibilities to senior managers
4. Statement of responsibilities for senior managers
5. Management responsibility maps
6. The conduct rules
7. References
8. The certification regime
9. The duty of responsibility for senior managers
10. Application to UK branches of EEA and third country firms

Our brochure is available to download here

Should you require implementation support or wish to discuss the contents of this publication, please do not hesitate to contact us.

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Agency Database

Future Dates

* Estimated date

  • 23 August 2017

    EIOPA is to develop guidelines on the assessment of insurance-based investment products that incorporate a structure that makes it difficult for customers to understand the risks involved, under Article 30(7) of the IDD.

  • *Q1 or Q2

    ESMA to submit its final report and draft technical standards under the SFTR to the European Commission for endorsement in Q1/Q2 2017.

  • 7 September 2017

    Deadline for responses to FCA's CP17/19: MiFID II implementation – Consultation Paper VI.