Conduct and Accountability in Financial Services

A Practical Guide

Stacey English, Susannah Hammond

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English

Bloomsbury Professional
13 December 2018

Financial services industry; Banking law; Financial services law & regulation; Insurance law

Are you fully prepared for the implementation of the Senior Managers and Certification Regime across financial services firms and the related regulatory scrutiny on conduct and accountability?

The 2008 financial crisis sparked major changes in global financial services regulation with attention and resources focused on the behaviour of firms and senior individuals and how they conduct their business. Regulatory reforms have been designed and implemented globally to address accountability and conduct in financial services. In the UK this has resulted in the Senior Managers and Certification Regime (SM&CR) being implemented across all FSMA-regulated firms.

Conduct and Accountability in Financial Services: A Practical Guide provides comprehensive and expert guidance on how best to implement and comply with the SM&CR. In addition to acting as a guide to rule book requirements and regulatory expectations, it provides an in-depth look at the implications of the global focus on culture and conduct risk.

A must-read text for all staff in UK financial services firms, professional associations, industry bodies, regulators, academics and advisers to financial services organisations, it covers:

The context and regulatory basis for SM&CR including an overview of the development and roll-out of the regime

Analysis of key changes from the previous ‘approved person’ approach

Practical considerations for HR, internal audit and non-executive directors

The increasing role of culture and conduct risk

A practical overview of enforcement, penalties and learning lessons from enforcement actions

Overarching principles of how to manage personal regulatory risk

Regulatory relationship management

The impact of technology

An overview of related global developments

Appendices with timeline, bibliography and a selection of other useful sources for senior managers

Conduct and Accountability in Financial Services: A Practical Guide is on the syllabus reading list for the Regulation and Compliance exam offered by the Chartered Institute of Securities and Investments.

This title is included in Bloomsbury Professional's Banking and Finance online service.

By: Stacey English, Susannah Hammond
Imprint: Bloomsbury Professional
Country of Publication: United Kingdom
Dimensions: Height: 248mm, Width: 156mm,
Weight: 584g
ISBN: 9781526505200
ISBN 10: 1526505207
Pages: 360
Publication Date: 13 December 2018
Audience: Professional and scholarly , Undergraduate
Format: Paperback
Publisher's Status: Active

Chapter 1: Context and drivers for the new regime Chapter 2: Key changes from previous regime Chapter 3: Specifics based of the Senior Managers and Certification Regime as it applies to banks and large investment firms Chapter 4: Specifics of the Senior Managers and Certification Regime for insurers Chapter 5: Extension of SM&CR to (almost) all financial services firms Chapter 6: Key roles in embedding and overseeing the SM&CR Chapter 7: Practical aspects of better risk mitigation Chapter 8: Practical challenges to overcome Chapter 9: Role of culture and conduct risk Chapter 10: Other areas personal liability can arise Chapter 11: Enforcement Chapter 12: Overarching principles for how to manage personal regulatory risk Chapter 13: Regulatory relationship management Chapter 14: Technology Chapter 15: Overview of related global developments Appendix 1: Full timeline Appendix 2: Useful sources for senior managers of UK financial services firms

Stacey English is head of regulatory intelligence for Thomson Reuters with 20 years of regulatory compliance, risk and audit experience in financial services as a regulator and practitioner. Susannah Hammond is senior regulatory intelligence expert for Thomson Reuters with more than 25 years of wide-ranging compliance, regulatory and risk experience in international and UK financial services.

Reviews for Conduct and Accountability in Financial Services: A Practical Guide

...provide[s] an excellent overview of conduct, culture, and governance expectations worldwide and talk[s] about the implications of the global focus on culture and conduct risk. -- Julie DiMauro * The FCPA Blog * As an article contributor to the Journal of Financial Compliance 2022, I found the text by English and Hammond an invaluable source of accurate regulatory compliance information to draw from. Well laid out, clear and detailed, I also look forward to the second edition of this important contribution to the field. -- EMEA Head of Commercial Bank Compliance, Citi * Rocky Hirst *