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.
Updated to include information on PRA and FCA requirements for reporting any disciplinary action taken due to a breach of the conduct rules.
This chapter of the Employment law manual has been updated to cover the key points of the new whistleblowing rules for the finance sector that came into force on 7 September 2016.
This employment tribunal held that it was not indirect sex discrimination for a small investment banking firm to require a single-parent mother to work full time as an executive secretary.
These tables summarise pay awards in the finance sector monitored by the XpertHR pay databank.
A quarter of companies will impose a hiring freeze after the UK's decision to leave the EU, a snap poll by the Institute of Directors (IoD) has found.
Employers in the banking sector must comply with tough new requirements as part of major regulatory reform. What impact will this have on how HR deals with references? Sarah Ozanne, Of Counsel at law firm CMS, explains.
We discuss the key changes that took effect in the financial sector on 7 March 2016.
Updated to include details of the FCA and PRA proposals on the provision of references under the Senior Manager Regime and Certification Regime.
Updated to include information on internal transfers and promotions under the Senior Managers Regime and Certification Regime.
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.