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. After seven years in the making, MiFID II came into force on 3 January 2018. 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.
And on the issue of remuneration, the EBA produced new guidelines, which have applied since 30 June 2018. The aim of the guidelines is to reinforce the harmonisation of internal governance arrangements, processes and mechanisms in institutions within the EU in line with the requirements under the Capital Requirements Directive IV.
Turning to the new regimes, the FCA has published its near-final rules on the extension of the Senior Managers Regime (SMR) and the Certification Regime (CR) to all FCA solo-regulated firms. The SMR and CR will apply to these firms from 9 December 2019.
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
There are major data privacy implications of criminal records checks made necessary by the Senior Managers and Certification Regime, an issue that will affect about 50,000 firms in the financial services sector from 9 December 2019 onwards. Solicitors David Palmer and David Lorimer examine how compliance and HR teams can help meet businesses' obligations under both the GDPR and SMCR.
Updated to include information on the FCA's final rules on the new directory of individuals working in financial services.
Updated to include information on the FCA's updated guidance for insurers on the application of the SMR and CR.
Updated to include information on the FCA's video on the SMR and CR.
Updated to include the details of two new pay awards across the sector.
Updated to include information on a keynote speech by the FCA chief executive on MiFID II, including the investment research requirements.
In Elliott v RMS Cash Solutions Ltd, a Northern Ireland tribunal held that a cash transit firm fairly dismissed an employee whose Snapchat posts revealed a colleague's personal details. The posts increased the risk of "tiger kidnapping", which involves staff or their families being kidnapped to force staff to help commit a crime.
Updated to include information on a new re-evaluation test for retail investment advisers.
HR and legal information and guidance relating to employers in the financial services sector.