Topics

Financial services sector information

Fiona Cuming

Editor's message: In the last 10 years, the financial services sector has had to cope with a major regulatory shake-up following the global financial crisis of 2008 and the series of financial scandals that came to light. The financial changes have not yet ended and continue at a pace.

MiFID II introduced a new regulatory framework for the European financial industry. MiFID II reaches across the financial services sector and affects nearly all aspects of finance, including: personal transactions and inducements; recruitment; monitoring telephone and electronic communications; training and competence requirements; and remuneration.

Turning to the new regimes, the Senior Managers Regime (SMR) and the Certification Regime (CR) were extended to insurers on 10 December 2018, and to all firms authorised by the FCA on 9 December 2019.

And to complement the aims of the SMR and CR, the FCA is introducing a new central directory. The directory will contain details of directors and senior managers, all staff certified as fit and proper by their firm, and all other important individuals who undertake business with clients and require a qualification to do so. The directory is expected to go live in March 2020.

The evolving regulatory landscape can be challenging for financial organisations. Our financial services manual will help you as it covers the key aspects of the new regulatory world, including the SMR and CR, MiFID II, new rules and requirements, practical implications and future developments.

Fiona Cuming, employment law editor

New and updated