Joanna Chatterton and Ed Livingstone discuss the roll-out of the Senior Managers and Certification Regime (SMCR) to solo-regulated financial services firms and highlight the key changes it requires to policies and procedures The SMCR comes into force for all firms regulated by the Financial Conduct Authority (FCA) on 9 December 2019. Management teams will be …
Continue reading "Financial services: Get your firm fit for the SMCR roll-out"
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Christopher Hitchins and Emma Khoo look at the employment law implications of this year’s rollout of the Senior Managers and Certification Regime to smaller financial services firms ‘If a firm breaches one of the FCA’s rules, the Senior Manager responsible for that area could be held personally liable if they failed to take reasonable steps …
Continue reading "Financial services: Are your staff fit and proper? Preparing for the extended SMCR"
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Catrina Smith and Amanda Sanders explore new requirements aimed at weeding out senior banking executives with poor conduct records ‘As the mandatory template only applies to regulated firms, it remains to be seen if candidates from outside the financial services sector will be disadvantaged.’On 7 March 2017, one year after the Senior Managers and Certification …
Continue reading "Financial Services: How to comply with the regulatory references regime"
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Sarah Ozanne discusses the forthcoming requirement for banks to share information on any impropriety committed by employees who are looking for a new, senior job in the sector ‘Until now, it has been common practice for employers to provide outgoing employees with a bland, standard reference simply confirming their role and dates of employment.’ The …
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Helen Mulcahy and Davina Bentley consider a recent ruling in relation to claims made to the Financial Ombudsman ‘Complainants who issue both a complaint to the Financial Ombudsman and a litigation claim will have to be careful to avoid using the same facts and causes of action. However, the burden of showing that the requirements …
Continue reading "Financial Services: Show me the money"
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Wills & Trusts Law Reports | October 2012 #123Lehman Brothers International (Europe) (LBIE), an English unlimited company, was the principal European trading company in the Lehman Brothers group. LBIE entered administration on 15 September 2008. The administrators made several applications to the court for directions.
The issues on appeal concerned the application of chapter 7 of the Client Assets Sourcebook (CASS 7) issued by the Financial Services Authority (FSA). CASS 7 was intended to transpose the Markets in Financial Instruments Directive 2004/39/EC (MiFID) and its Implementing Directive into English law, under the FSA’...
Michael Isaacs looks at how collective consumer claims may work under the enhanced powers given to the FSA in October 2010 by the Financial Services Act 2010 ‘The government view is that the best approach is a regulator-led one, on a sector by sector basis, and financial services is the guinea pig. The approach was …
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