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UK Financial Conduct Authority Proposes to Exclude the Head of the Legal Function From the Senior Managers Regime

On 23 January 2019 the UK Financial Conduct Authority (FCA) published Consultation Paper CP19/4 which, amongst other things, proposes to exclude the Head of the Legal function from the Senior Managers ... read more

Academics and Law Society clash over in-house accountabillity

Leading academics at University College London (UCL) have clashed with the Law Society over a proposal by the Financial Conduct Authority (FCA) to exclude heads ... of heads of legal in the senior ... read more

FCA Consults on Optimizing the SM&CR and Proposes Excluding Heads of Legal From Senior Managers Regime

On January 23, the UK Financial Conduct Authority ... excluding the Legal Function (i.e., heads of legal) from the Overall Responsibility requirement and having to be approved as a senior manager ... read more

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FCA proposes exempting legal heads from senior managers regime

The Financial Conduct Authority (FCA) has proposed to exempt heads of legal at regulated firms from the requirement to be approved as a senior manager under the Senior Managers ... function … ... read more


Shifting The Blame: The Senior Managers Regime

The SMCR was introduced to address a strong perception, following the financial crisis, that the legal framework around the identification and allocation of responsibilities to Senior Managers in the ... read more

The FCA consults on amendments to the SMCR: Excludes Head of Legal from the Senior Managers Regime and clarifies the scope of the...

On 23 January 2019, the Financial Conduct Authority (FCA) published a consultation paper (CP19/4) on optimising the Senior Managers and Certification Regime (SMCR). This paper consults on a range of ... read more

'Sigh of relief' as GCs escape City accountability regime

The Financial Conduct Authority parked plans to include GCs in its Senior Managers Regime last year. However, today the watchdog proposed ... legal function is included in the regime. In a ... read more

CULTURE AND CONDUCT RISK REPORT 2018: Executive summary and regulatory developments

The compliance function (22 percent ... In the UK, both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) launched consultations on extending the Senior Managers and ... read more

The Senior Managers & Certification Regime

... accountability in financial services firms—the Senior Managers & Certification Regime (SM&CR). The SM&CR has been in force for firms regulated by both the UK Financial Conduct Authority (FCA) the ... read more

FCA Looks To Bulk Up Senior Manager Rules 6 Months In

Law360, London (September 28, 2016, 2:43 PM BST) -- The Financial Conduct Authority proposed new ... concerns that including the head of legal within the regime would interfere with the firms' legal ... read more

FCA publishes proposed guidance on the SM&CR

The Financial Conduct Authority (FCA) has published [11.10.2018] a Guidance Consultation (GC18/4) Senior Managers and Certification Regime ... a proposal for temporary transitional power. According to ... read more

Ten things UK/EU compliance officers must do in 2012

In the UK ... that senior managers are fully informed of any and all conduct risks arising. Given the increased focus on conduct risks, firms may wish to split out the MI arising from the analysis of ... read more



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