This year the Financial Conduct Authority and the Prudential Conduct Authority introduced new legislation to ensure that senior managers in a regulated firm are held accountable for their actions and behavior to an extent that if found to have breached the conduct rules, individuals may be prosecuted, go to prison for up to 7 years, have 6 figure fines imposed and have previous bonuses clawed back. If this isn’t daunting enough, individuals will be held accountable for their actions for the past 6 years so if you’ve retired, moved to a rival firm or started a new life in a different sector, you can be called back to account for your actions or indeed prosecuted if found guilty. So who wants to be a senior manager? Thankfully employers are now taking action to protect themselves and their employees and companies like ours are developing and delivering solutions to ensure the the process is repeatable and current.
Are you impacted? Do you understand how your role is affected? Are you confident that you are compliant?