Achieving effective board performance
+44 (0) 20 7764 0721

Responsibilities of Senior Management under the PRA and FCA Regimes

Date: Thursday 26th March 2015

Time: 9.30 am to 12.30

Location: 1, Cornhill, London EC3V 3ND

Event Code: MSRS260315

Fee: £345 per person plus VAT = £414.00
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


Your Consultant - Sarah Thwaites

Sarah is a Director of BP&E Global Ltd and has a broad ranging knowledge and experience of the Financial Services industry gained from senior roles in both the commercial and regulatory environment in challenging times of change. She is widely known for speaking at and chairing conferences as well as for appearances on television and radio.

Before joining BP&E Global, Sarah led the Financial and Legal Skill Partnership and as a regulator she led a number of key strategic projects for the FSA where she was ultimately responsible for the development of the FSA’s regulatory approach to Training & Competence.

Her commercial experience was with Friends Provident and spanned broking, sales and key regulatory change implementation. She is Chairman of the Accreditation Panel for the Society of Later Life Advisers, sits on an advisory board for the ICAEW financial Planning and Retail Distribution Committee and is a FPSB non executive board member.

It has never been more important for Approved Persons in Senior Management roles to be aware of, and able to explain, how they meet the standards regulators expected.

Prompted by the changes to legislation, the PRA and FCA are introducing new and more stringent requirements for Senior Managers (now known as SMR and SIMR) which will ensure individuals take greater responsibility for their actions and make it easier for both firms and regulators to hold individuals to account through clear allocation of responsibilities and clear standards of competence

This important 2 hour briefing will enable you to refresh your current knowledge and anticipate the new approach that the PRA and FCA will introduce for, initially, UK banks, building societies, credit unions and PRA designated investment firms, followed in the next phase by Insurance Companies.

“But there is now an even greater determination at the FCA to make clear to those at the top of firms that by their accepting their jobs, and the rewards that come with them, they take on personal accountability. We expect them to account for the decisions they make....,and to take responsibility, for the culture they create, or allow to go unchecked, within the businesses they lead” Speech by Tracey McDermott,Director of Enforcement and Financial Crime at the Financial Conduct Authority. 2/1/15


  • Be fully aware of the responsibilities of those under the Senior Management Regime or Approved Persons Regime and what you are signing up to. 
  • Consider how the identification and allocation of responsibilities could impact the Board and Senior Management structure
  • Know how the competence and fitness and propriety standards apply
  • Understand the regulators approach and learn from enforcement actions

The Agenda

1. The Wider Picture

  • The Regulatory Framework
  • Parliamentary Commission on Banking Standards
  • Financial Services (Banking Reform) Act 2013
  • Personal Accountability
  • Who, what, how and when

2. The Senior Management Regime- including key issues and challenges for firms

  • Senior Management Functions
  • Certified Persons
  • Conduct Rules
  • Statements of Responsibility and Responsibility Maps
  • Notifications
  • Approvals and grandfathering

3. Managing the increasing personal risk

  • Managing your relationship with regulators
  • Presumption of responsibility – Guilty until proven innocent?
  • Recent enforcement actions and what they convey
  • Criminal offence
  • What next

    To Book this event please call or email Jenny Spur on 0207 764 0721, or download the booking form. If you would like to run this briefing in house for your Board at your convenience please contact us to discuss you requirements.

    BP&E Global - Because Board Performance Matters

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