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The financial crisis both in the US and UK led to concerns that individual accountability of senior managers in the banking sector had to be strengthened and risk and reward aligned more closely. Sweeping amendments were made to legislation, with new regimes introduced to improve accountability and greater powers bestowed upon regulators. The landscape has changed significantly with onerous rules faced by employers from recruitment to departure and beyond. Eversheds Sutherland: The Employment Practitioner's Guide to Financial Institutions: Key Aspects of the Regulatory Framework (originally titled: The Employment Practitioner's Guide to Financial Institutions: The Senior Managers and Certification Regime and Accountability) covers the full roll-out of the Senior Managers and Certification Regime to all financial services firms in 2018. The complexity of the rules and the difficulty for practitioners in finding resources to help them understand the new regime has led to much confusion and uncertainty. This book provides an invaluable guide to the new regime with practical analysis of the issues raised and how the changes should be implemented.
1 Background to the accountability regime 2 The Senior Managers Regime 3 Certification Regime 4 Fitness and Propriety 5 Regulatory References 6 The SMCR Conduct Rules 7 Remuneration 8 Bonuses and Employment Law Considerations 9 Performance Management and Remuneration Incentives 10 Whistleblowing in Financial Institutions 11 Women in Finance and Gender Pay 12 Senior Managers and Certification Regime for Insurers 13 Enforcement and the SMCR Appendix 1 SYSC 22: Regulatory references Appendix 2 SYSC 18: Whistleblowing Appendix 3 SUP 10C7.3 G Guidance on how the other overall responsibility function applies Appendix 4 Submitting statements of responsibilities: examples of how the requirements work Appendix 5 FCA Policy statement PS18/4: Credit card market study Appendix 6 GC18/4: Senior Managers and Certification Regime – Proposed guidance on statements of responsibilities for FCA firms Appendix 7 Guide for FCA solo regulated firms