In March 2016, the shift towards individual responsibility in the banking sector became a reality for all UK-incorporated banks, building societies, credit unions and investments banks, when the Senior Managers Regime and the Certification Regime came into force.
And this development will not be restricted to the banking sector, as there are measures in place to roll out the new regimes, in a modified form, to all other parts of the regulated financial sector, including the bond, currency, and commodity markets. It is anticipated that this will happen in early 2018.
2016 has also seen other changes such as the introduction of the role of the whistleblowers’ champion and the new whistleblowing rules. And the reform of the financial services industry continues at a pace in 2017 with further developments that include the new rules on obtaining regulatory references, which come into force on 7 March 2017.
Our financial services manual covers the regimes, new rules, implications and future developments.
These tables summarise pay awards in the finance sector monitored by the XpertHR pay databank.
Updated to include information on proposals on a new prudential regime, a unified supervisory statement and changes to the FCA handbook; and details of buy-outs of variable remuneration and ESMA final remuneration guidelines.
Updated to include information on enforcement action against senior managers.
Updated to include information on the standards of behaviour in the wholesale fixed income, commodity and currency markets.
Updated to include information on the importance of information-sharing mechanisms for intra-group movement of staff under the new regulatory reference regime.
Updated to include information on the requirement to address diversity in recruitment policies under MiFID II.
Updated to include information on the FCA’s proposals for the recording of telephone conversations and e-communications under MiFID II.
With widespread reforms impacting employers in the financial services industry, what obligations will they have on providing regulatory references?
Updated to include information on HM Treasury's consultation on amending the definition of financial advice.
Updated to include information on the final rules on the requirements for regulatory references, effective 7 March 2017.
HR and legal information and guidance relating to employers in the financial services industry.
Nick Thorpe is a partner in the employment and pensions group at Fieldfisher.
Neil Johnston is a director in the employment and pensions practice at Fieldfisher.
Bridget Barker is a partner and head of the investment funds and financial services group at Macfarlanes.
Paul Ellison is a partner in the financial services group at Macfarlanes.