Critical Standards for Directors in Financial Services Firms

Date: On a date of your choice
Location: Delivered as an interactive briefing
Event Code: CSDFSF

Course Details

The Financial Services regulators set high (and enforced) standards that supplement those of the Companies Act for Directors.  With Enforcement referrals relating to individuals at their highest level for years attendees will leave this briefing with a full and up-to-date grasp of:

  • The Duties of Directors set down in the Companies Act
  • The current Senior Managers & Certification Regime and how its extension will impact you
  • How to manage the increasing personal risk

As well as the standards themselves you will explore common problem areas including ways in which you can demonstrate “reasonable steps” under the new Senior Managers & Certification Regime. 

This is one of our CORE workshop style events for Directors and we illustrate some of the practical challenges not just the legal framework. With regulators it's not just what the standards say, the way these are interpreted and applied in practice which is what our consultants will bring to this piece. 

“Firms’ senior managers have a crucial role in demonstrating that they are accountable and responsible for their part in delivering effective governance. This includes taking responsibility, being accountable for their decisions and exercising rigorous oversight of the business areas they lead.” 

“The key aims of the Senior Managers & Certification Regime (SM&CR) are to strengthen individual accountability at the most senior levels of relevant firms and improve their standards of conduct at all levels. We expect firms and their senior managers to apply the spirit, as well as the letter, of the regime.”  FCA Business Plan 2017/18

Who should attend?  

Senior Managers of banks and insurers as well as Significant Influence Function holders who will be covered by the new regime being introduced in late 2018. It is also ideal for those newly appointed as part of induction or as part of succession planning.

Agenda

1. Good Corporate Governance

  • Duties of Directors under Company law
  • Role and purpose of the Board and its Committees
  • Best practice - UK Corporate Governance Code
  •  

2. The current Senior Managers & Certification Regime and how its extension will impact you

  • The Conduct Rules
  • The Senior Managers Regime
  • The Certification Regime

3. Managing the increasing personal risk 

  • Demonstrating “reasonable steps”
  • Recent enforcement actions and what they convey

Key Benefits

  • Ensure you know the standards that the PRA and FCA expect and their fit with your responsibilities as a Company Director
  • Understand the Senior Managers Regime as it currently applies to banks and insurers
  • How you will be impacted by the new Senior Managers & Certification Regime
  • Know the behaviours that the Code of Conduct rules demand under the new Senior Managers & Certification Regime and what actions would breach them
  • Explore ways in which you can demonstrate “reasonable steps” under the new regime
  • Understand how to meet and maintain fitness standards
  • Explore the standard of proof required for Enforcement actions by the regulator

 

 

 

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