Banks, building societies and large investment banks have now had a year to grapple with the new requirements under the Senior Managers and Certification Regimes.
These regimes will not be restricted to the banking sector, as there are measures in place to roll them out next year, in a modified form, to all other parts of the regulated financial sector, including the bond, currency, and commodity markets.
And the reform of the financial services industry continues at a pace in 2017, starting with the new rules on obtaining regulatory references, which came into force on 7 March 2017. The FCA and PRA’s goal is to assist employers to make better recruitment decisions about the fitness and propriety of applicants for senior roles and other key functions.
Our financial services manual covers the regimes, new rules, implications and future developments.
Updated to reflect FCA changes to the appropriate qualification requirements.
Updated to include further details on the role of the PRA and FCA as "prescribed persons" under the Public Interest Disclosure Act 1998.
A reference form for regulated financial services employer to provide for a former employee being recruited to carry out a either a senior management function under the Senior Managers Regime or a certification function under the Certification Regime.
Updated to take account of the new rules on the requirements for regulatory references, effective 7 March 2017.
Updated to include information on HM Treasury's decision to amend the definition of financial advice.
These tables summarise pay awards in the finance sector monitored by the XpertHR pay databank.
New rules regarding references in the financial services industry come into force on 7 March as part of the Senior Managers Regime. What are employers' obligations and what information must they include?
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 FCA’s proposals for the recording of telephone conversations and e-communications under MiFID II.
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.