Senior Managers and Certification Regime

This event is of relevance to general insurance intermediaries, IFAs and mortgage brokers.

In response to the 2008 banking crisis and significant conduct failings such as the manipulation of LIBOR, Parliament set up the Parliamentary Commission for Banking Standards (PCBS) to recommend how to improve standards in the banking sector. PCBS recommended a new accountability framework focused on senior management. It also recommended that firms take more responsibility for employees being fit and proper, and that there be better standards of conduct at all levels in banking firms.

Based on these recommendations, Parliament passed legislation leading to the FCA and PRA applying the SM&CR to banks and insurance companies. Parliament made further changes to legislation in May 2016, requiring the FCA to extend the regime to all FSMA authorised firms.

Significant changes are being proposed that will now take effect from 9 December 2019. This will mean changes to your Approved Persons with Non Executive Directors no longer needing approval although the current/future Board Chair will and conduct rules applying for the first time ever to ALL staff - do you know what changes you will have to make?

By the end of this event delegates will have gained an insight into:

• Why the need for change
• SM&CR proposals (wider applicability than current Approved Persons Regime)
• Chair of the Board - new approval needed
• Certification requirements
• Fit and Proper requirements
• Conduct rules that will apply to all relevant staff
• Transitional arrangements

Everyone attending will receive a free copy of the slides plus a draft template setting out Statements of Responsibility, Duty of Responsibility, Shared Responsibility and Other Responsibilities for a typical general insurance broker (which can be adapted to suit). You need to create this for all Senior Managers in time for 9^th December 2019.