Employers in the United Kingdom’s financial sector are facing several new potential regulatory changes that could shape workplaces for years to come. The latter half of 2023 saw the Financial Regulatory Authority (FCA) and...more
The UK Financial Conduct Authority (FCA) recently launched a consultation on the creation of a robust new regulatory framework on diversity and inclusion (D&I) in the financial sector. With its new consultation, the FCA has...more
In a joint statement on 24 October 2023, the UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) announced the removal of the cap on bonuses that can be paid to material risk takers at banks,...more
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) published a discussion paper on 30 March 2023 seeking opinions on the Senior Managers and Certification Regime (SMCR). Concurrently, the UK...more
The UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) (jointly, the Regulators) are proposing to remove the bonus cap for banks, building societies, and PRA-designated investment firms. The...more
New remuneration requirements under the UK investment firm prudential regime apply to Financial Conduct Authority–authorised investment firms’ performance periods beginning on or after 1 January 2022. This LawFlash provides...more
The UK Financial Conduct Authority (FCA) has recently announced that it is considering adding a sixth question on diversity and inclusion (D&I) to its five conduct questions (5CQs). The significance of D&I has long been...more
The Financial Conduct Authority (FCA) has emphasised in recent years that firms should consider nonfinancial misconduct when assessing the fitness and propriety of staff. ...more
The UK Financial Conduct Authority (FCA) has recently published two speeches reiterating the broad and fundamental importance of diversity and inclusion within financial services. ...more
All dual-regulated and FCA solo-regulated firms are now under the scope of the Senior Managers & Certification Regime (SMCR), with many working hard in recent months to ensure all aspects of the regime are well embedded. ...more
The UK Financial Conduct Authority recently published Policy Statement 20/12, which sets out the final rules on the extension of the Senior Managers and Certification Regime implementation deadlines for the certification...more
The UK Financial Conduct Authority recently closed its consultation (CP20/10) to extend the deadline for solo-regulated firms to conduct their first fitness and propriety assessments of certified staff and train all staff on...more
The Financial Conduct Authority (FCA) published a consultation paper on 3 August on amending its Dual-Regulated Firms Remuneration Code and relevant guidance in light of the EU’s revised Capital Requirements Directive (CRD...more
The Financial Conduct Authority (FCA) began a consultation (CP20/10) on 17 July on the extension of the deadlines by which FCA solo-regulated firms must have first assessed the fitness and propriety of their certified staff,...more
Following its consultation earlier this year, the UK Financial Conduct Authority has now published a policy statement setting out its final rules for extending the Senior Managers and Certification Regime to solo-regulated...more
In a global environment of heightened regulatory accountability and scrutiny, the Bank of England, Financial Stability Board, and Financial Conduct Authority have signalled their continued interest in promoting the need for...more
The Financial Conduct Authority (FCA) has recently published its final guidance on statements of responsibilities, responsibilities maps, and its policy statement on the new FCA directory for financial services workers, ahead...more
The Financial Conduct Authority (FCA) proposed guidance on 11 October 2018 for formulating a Statement of Responsibilities for Senior Managers, ahead of the extension of the Senior Managers and Certification Regime (SMCR) to...more
The Financial Conduct Authority and Prudential Regulation Authority published policy statements on 4 July on the extended Senior Managers and Certification Regime, setting out near final rules for solo-regulated firms and...more
The Senior Managers and Certification Regime (SMCR), which came into force in March 2016 for UK banks, PRA-designated investment firms, and UK branches of foreign banks, changes the way in which individuals working in...more
Firms should establish implementation teams, create project plans, design procedures, and take several other measures to prepare for the new rules.
The UK Financial Conduct Authority (FCA) has published three more...more
The Financial Conduct Authority has published a Consultation Paper containing its proposals to expand the Senior Managers and Certification Regime to all FSMA-authorised firms; the window for providing comments to the FCA...more