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Consultation SMCR Financial Services Industry

WilmerHale

New FCA Rules on Non-Financial Misconduct

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Last week, the FCA published its long-awaited policy statement containing amendments to the FCA’s Code of Conduct (“COCON”) aimed at combatting non-financial misconduct (“NFM”). NFM can amount to a breach of FCA rules in any...more

Latham & Watkins LLP

UK Regulators Consult on New Reporting Requirements for Operational Incidents and Use of Material Third Parties

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On 13 December 2024, the FCA and the PRA published linked Consultation Papers on operational incident and third-party reporting (FCA CP24/28 and PRA CP17/24). The consultations aim to create a structured framework for...more

Latham & Watkins LLP

UK Regulators Propose Shake-up to Bank Remuneration Rules

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On 26 November 2024, the PRA and the FCA published a joint Consultation Paper on changes to the remuneration rules (PRA CP16/24, FCA CP24/24). The changes are relevant to banks, building societies, and PRA-designated...more

BCLP

Applying the FCA’s proposed new guidance on non-financial misconduct

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Non-financial misconduct in financial services firms is back at the top of the agenda following the concurrent publication of the FCA’s Consultation Paper 20/23 (Diversity and inclusion in the financial sector – working...more

Latham & Watkins LLP

UK FCA Publishes Detailed Plans for New Consumer Duty

Latham & Watkins LLP on

FCA makes clear that it expects a cultural shift in how firms focus on consumers. On 7 December 2021, the FCA published its second Consultation Paper (CP21/36) on introducing a new Consumer Duty....more

Hogan Lovells

SMCR for Financial Market Infrastructures: HM Treasury Consultation

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HM Treasury has launched a consultation on creating a Senior Managers and Certification Regime (SMCR) for financial market infrastructures (FMIs) supervised by the Bank of England (BoE). ...more

Latham & Watkins LLP

Private Bank Briefing: Issues Impacting the Private Bank Sector

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On 23 January 2019, the FCA published a Consultation Paper (CP19/4) concerning further amendments to the Senior Managers and Certification Regime (SMCR). For private banks which are already subject to the SMCR, the...more

BCLP

SMCR for FCA-solo regulated firms

BCLP on

The FCA recently released the latest in a long series of papers relating to the Senior Managers and Certification Regime (“SMCR”). FCA Consultation Paper CP19/4 sets-out new measures designed to “optimise” the SMCR ahead of...more

Hogan Lovells

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

Hogan Lovells on

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 proposed amendments and...more

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