UK:
The UK Senior Managers Regime: One Year Later
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On March 7, 2017, it will be one year since the U.K. Financial
Conduct Authority's senior managers and certification regime
came into force, heralding a new era of personal accountability in
the financial sector.
A central feature of the SMCR — which currently applies to
banks and insurers but is due to be extended to all financial
services firms next year — is a new statutory "duty of
responsibility." In force since May 2016, the new duty makes
those holding a "senior management function" liable to
enforcement action if a breach occurs on their watch. While the
FCA, like its predecessor, has long declared itself committed to
holding members of senior management to account and to pursuing
more cases against individuals, establishing personal culpability
for oversight failings has historically been an uphill struggle
— as illustrated in 2012 by the then FSA's defeat in the
case of UBS banker John Pottage. The introduction of the new regime
set out to make such hurdles a thing of the past.
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Originally published by Law360
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