Regulators are looking at past regulations such as the Approved Person Regime (APR) as they are trying to address the issues of accountability in the financial services sector – focussing on the senior management levels.
The FCA has mandated a new framework for financial services to comply with named persons in the Senior Managers and Certification Regime – SMCR. This means that any persons in running regulated firms must have clearly defined responsibilities and behave with honesty, integrity and skill. Crucially, this must be documented and proven, when called upon to do so by the regulators.
Are you aware of the key dates regarding these regulations? I’ve listed them as a reminder:
What you therefore need to do:
Sounds a large task? Indeed it is. There are numerous Fintech solutions which can provide elements of the above. Some integrate easily into other systems; however can cause a headache during one or more software patches/upgrades. Some ‘solutions’ include various Excel spreadsheets which are pulled together in a mad rush when the regulator comes knocking at the door.
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