Key Lessons for SMFs from FCA/PRA Enforcement Action

Introduction

The Senior Managers & Certification Regime (SMCR) has now been embedded across the UK financial services industry for some time, yet FCA and PRA enforcement activity involving senior individuals continues to evolve. Regulatory action provides valuable insight into the regulators’ expectations of senior managers and their personal accountability, together with broader governance arrangements.

This virtual classroom seminar will examine the key lessons that authorised financial services firms, their senior managers and compliance teams can draw from enforcement activity to date. You will gain a clearer understanding of where the FCA and PRA are focusing their supervisory and enforcement attention, how individual accountability is being assessed in practice, and the practical steps senior managers can take to mitigate regulatory risk.

What You Will Learn

This live and interactive course will cover:

• The regulators’ approach to individual accountability under the SMCR
• Common themes in enforcement action under the SMCR
• How regulators assess whether a senior manager took /reasonable steps/
• What practical steps can senior managers take to stay the right side of the regulatory line
• Enforcement focus shifting from outcomes to behaviours
• The impact of SMCR reforms
• What enforcement trends in respect of authorised firms may mean for senior managers in the future

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.