Evidencing ‘Reasonable Steps’ - A Bite-Sized Guide for Financial Services

Introduction

The biggest risk for senior managers working within an FCA or PRA regulated environment is a breach of the duty of responsibility under s.66A[5] Financial Services and Markets Act 2000.

However, the regulator cannot take action where the senior manager can demonstrate they have taken ‘reasonable steps’ to control their area of the business effectively.

Clarity on what constitutes ‘reasonable steps’ and how to evidence that the appropriate reasonable steps have been taken is proving to be a challenge for many firms.

This short webinar will provide practical guidance in respect of evidencing reasonable steps so that senior managers are comfortable and confident in managing their responsibilities.

The session is geared towards Senior Managers (SMFs) of FCA authorised and regulated firms, as well as Heads of Compliance and Compliance Managers.

What You Will Learn

This webinar will cover the following:

• Introducing the Duty of Responsibility
• Outlining reasonable steps
• What does the evidence look like?

This webinar was recorded on 30th January 2023