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11/18/14 - The New Senior Managers and Certification Regime

The Prudential Regulation Authority and the Financial Conduct Authority this summer jointly published consultation papers on the future regimes for remuneration and accountability at banks and investment firms in the United Kingdom. The paper on remuneration predictably garnered most of the attention, but U.K. financial firms are likely to conclude that the new accountability regime will prove the more significant undertaking, requiring substantial changes to structures and procedures.

The joint consultation by the FCA and the PRA will implement a new framework for employees of financial services firms that will have a profound effect on how senior managers and board members are appointed and on how they are held responsible for their actions. Please click below to read a Sightlines InFocus by Stuart King and Sam Tymms that takes a look at the regime’s key elements and offers advice in preparing for it.