The FCA and the PRA have banned and fined the former CEO of a small mutual insurer, with fines of £78,318 and £76,180 respectively.
Understanding the Senior Managers Regime
Senior Managers are the most senior people in a firm with the greatest potential to cause harm or impact upon market integrity if they do not perform their duties appropriately. Here we provide an overview of the Senior Managers Regime under SM&CR.
The Risk of Non-Financial Misconduct
The Prudential Regulation Authority (PRA) has expressed ‘deep concern’ over reports of sexual harassment and bullying within the London market and has called on the general insurance sector to do more to improve organisational culture.
SM&CR – Are you ready for the 9th of December?
With the arrival of SM&CR imminent, firms should by now be prepared for the new regime. Here’s what you need to know before the implementation date…
Diversity and Inclusion – Doing More
Why more needs to be done on diversity and inclusion, and how this links to the upcoming Senior Managers and Certification Regime (SM&CR).
Conduct Rules Training – Are Firms Prepared?
Our research suggests that only 14% of firms have trained all relevant staff on what the conduct rules mean in relation to their individual job role. Does your firm understand what is required under SM&CR?
FCA Publishes Complaints Figures
The FCA has recently published the complaints figures for regulated firms for the first half of 2019.
Who’s Responsible? Understanding Responsibilities Under SM&CR
Under SM&CR, every Senior Manager needs to have a Statement of Responsibilities. However, RWA’s research suggests that 95% of firms interviewed stated that they had yet to put in place an up-to-date Statement of Responsibilities for each of their Senior Managers.
Fitness and Propriety Under SM&CR
Under SM&CR, the fit and proper test is extended to cover Certification Staff and non-approved Non-Executive Directors, as well as Senior Managers. What do fitness and propriety assessments involve, and are firms prepared?