The reform of the financial services industry continues at a pace.
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.
This year has also seen other changes including the introduction of the role of the whistleblowers’ champion in March 2016 and the new whistleblowing rules, which came into force on 7 September 2016.
Our financial services manual covers the new regimes, the rules, implications and future developments.
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.
Thirteen finance companies, including Legal & General and Virgin Money, are aiming to have complete gender parity in senior roles - a 50/50 split - by 2021.
Updated to include information on the consultations on overall responsibility for the legal function under the SMR, changes to short Form A, applying conduct rules to all NEDs and amendments to the DEPP; and on the final rules for regulatory references.
Updated to include information on the FCA and PRA's consultation on the whistleblowing requirements for UK branches of overseas banks and insurers.
Updated to include information on the proposed changes to training and competence requirements.
Updated to include information on the FCA's third consultation on MiFID II, which includes proposals relating to the implementation of the EU inducement rules.
These tables summarise pay awards in the finance sector monitored by the XpertHR pay databank.
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.