Last summer, the Financial Conduct Authority (FCA) published its long-awaited consultation on the extension of the Senior Managers & Certification Regime (SM&CR) to all FCA-regulated firms. The Consultation closed on 3 November 2017 and a Policy Statement is due this summer, with implementation for asset managers now expected mid-to-late 2019.
What key lessons should firms take away from the FCA consultation on codes of conduct for unregulated activities?
In November of last year, the FCA published a draft consultation paper setting out the expected code of conduct for unregulated activities. The move had been coming for some time, as the FCA became increasingly vocal in its criticism of unregulated funds. In 2017 it attracted complaints when it demanded 250 advice firms deliver data on unregulated investment recommendations they had made.
In this third post in our series reflecting on Megan Butler’s speech to the FT Investment Managers Summit, we look at how you can encourage all staff to take responsibility for managing conduct.
Risk management is suddenly flying up the corporate agenda. As regulators increase their expectations, the financial services are responding. Even so, many firms still have a gap in understanding between the executives in the boardroom and the professionals at the coal face. That’s a major problem because as Megan Butler of the FCA said back in September, the landscape is evolving fast. Continue reading “How can you encourage all staff to take responsibility for managing conduct?”