Survival Kit for Managing Regulatory Relationships

Date: Thursday, 18 November 2021 from 10:00 to 12:00
Location: Delivered as an online interactive seminar
Event Code: SKMRR141021
Fee: £195.00 +VAT per person
For 3+ Bookings: £175.50 +VAT per person

A discount of 10% is available for 3 or more people from the same company. If you have 4 or more people talk to us about an in house event for your Board.

Course Details

Managing regulatory relationships can be complex and very time consuming, however, if you equip your firm with the right tools and approach, have a clear understanding of the regulators remit and expectations, you will be better prepared for dealing with a range of regulatory enquiries and actions.

This interactive session will take you through a step by step guide looking at the methods and tools available to the regulators, including how they interact with firms and the rationale behind their approach.

Drawing extensive experience as ex-regulators, industry practitioners and supporting our clients over the years, we will highlight the most effective ways of managing regulatory relationships, from responding to basic enquiries for information, through to managing s166 reviews and regulatory investigations.

Agenda:

1. Current governance standards expected of regulated firm

  • Duties of Directors under Company Law
  • Role and purpose of the Board and its committees

2. What the PRA & FCA expect of you

  • The High Level standards and your role in overseeing compliance with them
  • A summary of the key components of SMCR and their applicability to insurance firms and individuals
  • Statements of responsibility & Management responsibilities maps
  • The concept of Reasonable Steps
  • The Certification regime

3. The regulatory approach to visits and interviews

  • How your risks are aligned to the PRA and FCA statutory objectives
  • Categorisation of firms and what this means for you
  • PRA and FCA insurance hot topics: What they are and how they apply to you

4. Managing your interview

  • Critical areas for preparation
  • Typical questions
  • Dos and don’ts for the interview

5. Managing the increasing personal risk

  • Demonstrating Reasonable Steps as an SMF
  • Recent Enforcement actions and what they convey
  • Increasing use of attestations and s166 skilled persons reports

“The Duty of Responsibility recognises that individual Senior Managers should be held accountable for their individual contributions to collective decisions and their implementation” Strengthening individual accountability in insurance - Supervisory Statement 35/15 (updated July 2018)

Who should attend:

This briefing is intended for Board members, including those holding APER / SMF roles. Those working within Risk, Compliance, Legal, HR and Internal Audit would also benefit from gaining an understanding of how firms and individuals can manage regulatory relationships.

Key Benefits

  • Equip your firm with the key tools for managing regulatory relationships will enable you to spot potential warning signs and take steps to avoid regulatory intervention.
  • Gain a clear understanding of the FCA and PRA’s supervisory remit, rationale and approach.
  • Receive practical tips on how to respond to regulatory requests
  • Gain guidance on how to successfully manage a regulatory visit by effective planning and preparation
  • Understand how s166 reviews work and learn proven methods for managing expectations both internally and externally

Your Consultant: Nindy Mellett

Nindy provides a comprehensive range of risk and compliance solutions to financial services firm.  She has over 20 years’ experience in the sector, primarily general insurance.  She specialises in supporting clients in their regulatory change projects and has an exceptional record in managing SMCR implementation.  She is experienced in conducting s166 reviews.

Nindy spent six years at the FCA in Policy and Supervision.  She was a key contributor to several regulatory change projects.  She was also responsible for maintaining the sector risk maps and provided communications support to management.  She is an accomplished trainer and has designed and delivered training to supervisors.

Nindy has extensive experience in supporting boards and senior management in understanding and applying regulatory requirements. She has delivered numerous training sessions and workshops. Her technical experience, insight into regulatory expectations and pragmatic approach ensure that sessions focus on the key issues with emphasis on practical solutions.

 

 

 

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