By Jamie Symington, partner at Brown
Rudnick
Will 2019 be the year when the UK's regulators' ambitions
for individual accountability in financial services become
real?
By the end of this year, the UK Financial Conduct Authority
(FCA) will finally have implemented the last stage in its
transformational overhaul of regulation that aims to holds
individuals – not just corporates – to
account for wrongdoing in financial services firms. The Senior
Manager and Certification Regime (SMCR) – already in
place since 2016 for banks, insurers and large investment firms
regulated by the Prudential Regulation Authority (PRA)
– will be rolled out to all 47,000 firms
'solo-regulated' (regulated for both conduct and prudential
requirements) by the FCA.
It has been a long-held ambition of the UK's financial
services regulators to have such a regime in place, and it has
been a long journey to get here. In the aftermath of the
financial crisis, politicians, media...