Financial services

financial services sector icon

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.

Further XpertHR resources

Policies and documents

Tasks

FAQs

Legal guidance

Good practice manual

Survey analysis

New and updated

About this topic

HR and legal information and guidance relating to employers in the financial services industry.

Financial services: key resources

Contributing authors

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.