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
Updated to include the details of two new pay awards across the sector.
Updated to include information on the FCA's ongoing multi-firm supervisory review on how firms are implementing MiFID II rules on research unbundling.
Updated to include information on the FCA's proposals concerning the legal function and the client dealing function under the SMR and CR.
Updated to include information on a new re-evaluation test for retail investment advisers.
Updated to include information on the FCA's proposals to help firms adjust to the SMR and CR.
Updated to include information on the FCA's consultation on providing extra clarity to help firms adjust to the SMR and CR.
The number of City vacancies has plummeted by almost 40%, with the financial services sector still stuck in limbo over how to adapt ahead of Brexit.
Updated to include information on the FCA's confirmation that sexual harassment is misconduct that falls within its regulatory scope.
With Brexit looming and AI threatening to replace roles, assessment now has a broader role to play in resolving key talent challenges in the financial services sector, says Andreas Lohff.
A former Barclays chief executive has joined the Bank of England's chief economist, Citigroup's investment chief and other leading bankers in predicting that the sector could soon lose swathes of jobs to technology.
HR and legal information and guidance relating to employers in the financial services sector.