Conduct and Accountability in Financial Services

A Practical Guide

Conduct and Accountability in Financial Services cover


Are you fully prepared for the implementation of the Senior Managers and Certification Regime across financial services firms and the related regulatory scrutiny on conduct and accountability?

The 2008 financial crisis sparked major changes in global financial services regulation with attention and resources focused on the behaviour of firms and senior individuals and how they conduct their business. Regulatory reforms have been designed and implemented globally to address accountability and conduct in financial services. In the UK this has resulted in the Senior Managers and Certification Regime (SM&CR) being
implemented across all FSMA-regulated firms.

Conduct and Accountability in Financial Services: A Practical Guide provides comprehensive and expert guidance on how best to implement and comply with the SM&CR. In addition to acting as a guide to rule book requirements and regulatory expectations, it provides an in-depth look at the implications of the global focus on culture and conduct risk.

A must-read text for all staff in UK financial services firms, professional associations, industry bodies, regulators, academics and advisers to financial services organisations, it covers:

The context and regulatory basis for SM&CR including an overview of the development and roll-out of the regime
Analysis of key changes from the previous 'approved person' approach
Practical considerations for HR, internal audit and non-executive directors
The increasing role of culture and conduct risk
A practical overview of enforcement, penalties and learning lessons from enforcement actions
Overarching principles of how to manage personal regulatory risk
Regulatory relationship management
The impact of technology
An overview of related global developments
Appendices with timeline, bibliography and a selection of other useful sources for senior managers

Conduct and Accountability in Financial Services: A Practical Guide is on the syllabus reading list for the Regulation and Compliance exam offered by the Chartered Institute of Securities and Investments.

This title is included in Bloomsbury Professional's Banking and Finance online service.

Table of Contents

Chapter 1: Context and drivers for the new regime
Chapter 2: Key changes from previous regime
Chapter 3: Specifics based of the Senior Managers and Certification Regime as it applies to banks and large investment firms
Chapter 4: Specifics of the Senior Managers and Certification Regime for insurers
Chapter 5: Extension of SM&CR to (almost) all financial services firms
Chapter 6: Key roles in embedding and overseeing the SM&CR
Chapter 7: Practical aspects of better risk mitigation
Chapter 8: Practical challenges to overcome
Chapter 9: Role of culture and conduct risk
Chapter 10: Other areas personal liability can arise
Chapter 11: Enforcement
Chapter 12: Overarching principles for how to manage personal regulatory risk
Chapter 13: Regulatory relationship management
Chapter 14: Technology
Chapter 15: Overview of related global developments
Appendix 1: Full timeline
Appendix 2: Useful sources for senior managers of UK financial services firms

Product details

Published 29 Nov 2018
Format Paperback
Edition 1st
Extent 360
ISBN 9781526505200
Imprint Bloomsbury Professional
Dimensions 248 x 156 mm
Publisher Bloomsbury Publishing

About the contributors


Stacey English

Stacey English is head of regulatory intelligence…


Susannah Hammond

Susannah Hammond is senior regulatory intelligence…


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