Category S(I)MR & Governance

Bond Dickinson financial services team ranked in Legal 500

The Bond Dickinson financial services team is delighted to have achieved a Legal 500 ranking. The new directory described the team as providing  ‘responsive, practical, commercial and cost-effective’ advice to a wide variety of clients within the retail sector of the financial services industry. It says that  “‘Very knowledgeable’ team head Andrew Barber has ‘in-depth […]

PRA comments on “Geofinance”

Sam Woods, speaking at Mansion House,  commented on what he predicts to be an increasingly prevailing dynamic in financial institutions and financial regulation. Geofinance is the impact of geography on how banks, insurers and regulators operate, and Woods remarks that it “is likely to be the defining challenge of the next few years.” Woods stated “stability begins at home” […]

What does SMCR extension mean for you?

We have written an article summarising the key elements of the proposed SMCR extension.

PRA updates SMR forms

PRA has updated its forms firms must submit under the SMR. From 12 November, firms must use the following new forms: Long and Short Form As Form E Statement of Responsibilities Third Country Statement of Responsibilities

FCA speaks on asset management regulation

Meghan Butler has spoken on how FCA is clarifying its supervisory approach to asset managers. She looked at FCA’s mission and its recognition of the importance of the asset management industry. She spoke of the findings of the asset management review and said FCA is still working through responses. In the meantime, the CMA has […]

Failure to prevent facilitation of tax evasion

The new corporate offence under the Criminal Finances Act trips off the tongue!  It takes effect from 30 September, and “relevant bodies” must have considered their exposure to it and put in place reasonable procedures to guard against committing it.  We have written an article on the offence and the expectations of HMRC.

FCA speaks on SMR extension

Jonathan Davidson has spoken on culture and conduct in the context of FCA’s proposals to extend the SMR. Key points of his speech included: that business models often create commercial incentives for behaviours that lead to poor consumer outcomes, and FCA tries to understand how business models evolve to anticipate risks so it can use […]

BOE releases consultation on extension of SM&CR to insurers

Today the PRA has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to insurers. These proposals seek to implement a consistent but proportionate regulatory framework to strengthening individual accountability and promoting effective corporate governance for all PRA-regulated firms. In March 2016 the PRA implemented the Senior Insurance Managers Regime. The proposals would […]

FCA releases details of consultations on the extension of SM&CR to all firms

The long-awaited consultations on the extension of the SM&CR have been released: CP17/25 – Individual accountability – extending the Senior Managers and Certification Regime to all FCA firms. Banks are told to read Chapters 9 and 10 in the CP about the extra SM&CR regulations that will affect the banking sector. CP17/26 – Individual accountability – extending […]

FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR from 21 July; to amend COBS in respect of pension projections from 24 July so firms can prepare risk […]