that your knowledge and understanding of the latest hot topics is up to date.
what the regulator is looking for in key areas
- Understand how your Business Model and Business
Culture are measured and assessed
- Know what you may be asked, and why about your
Strategy & Leadership
examples of questions posed and how best to prepare for them.
examples of the use of S166 skilled persons reports and how to avoid them.
the new role of independent Non-Executive Directors in leading remedial
Your Consultant - Victoria Raffe
Victoria is fresh from the FCA where, until last year, she was the Director of Authorisation and member of the Executive Committee. Victoria was, amongst other things, the senior decision-maker for all applications for Approved Person status, and has a close understanding of what the PRA and FCA expect of Boards and individual Board members from both a rules-based and practical point of view.
Victoria left the FCA and has built a new career as a Non-Executive Director and consultant. She has 20 years of experience as a financial services regulator, working across all sectors and across the conduct/prudential divide in senior roles in Authorisation, Supervision and Policy. Before that she worked for blue chip firms in asset management, insurance and consulting, and so brings to her approach a passion for making things work in the real world.
Designed to provide Non-Executive and Executive Directors
with an up-to-date insight into the hot topics that the PRA and FCA are currently
focused on and how best to prepare themselves for those critical regulatory interviews.
Over the past 18 months the difference in the two
regulators approaches, personnel and response when they are concerned or
dissatisfied, has diverged and the past is not a guide to the future.
Directors need to be on the ball across a wide range of
topics and have a good recall of key figures that demonstrate prudent
management of the firm by the board as well as the business model, conduct
controls and culture of the business.
This workshop style event with recent examples
of the regulators approach is essential for anyone anticipating that they will
be called for interview - as part of a visit or as an application for
“The board is responsible for the oversight of, but not for managing the business, which is the responsibility of the executives. But the PRA expects executive management to exercise judgement and actively to apprise their boards of key business developments, decisions and activities at an appropriate but early stage.” PRA CP Corporate governance: Board responsibilities May 2015
1. The Shift in the Approach to Visits in the New Regulatory World
- Categorisation of firms and what that means for you
- The relative objectives of each regulator
- Their perception of your responsibilities to the
firm and to them
- The importance of the new Individual accountability
of Executive and Non Executive Directors
2. The Expectations
of Non Executive and Executive Directors
- Board Responsibilities & Business Culture:
How they are measured & assessed
- Risk: How your risks are aligned to the
- Challenge: The role of the Non-Executive / How
to demonstrate challenge exists
- Conduct: Understanding the oversight
responsibility of your distribution model
- Hot Topics: What they are & how they apply
3. Managing your Interview
areas for preparation
- Individual versus joint responsibilities and how
you demonstrate personal compliance
- Do’s and don’ts for the interview
relationships - building and
4. Regulatory Remedies
use of the S166 to research and remedy rather than enforcement action
Important tips for selecting and using S166
Key steps to prevent the need for this work
and how to prepare yourself for an interview