The FCA has updated its webpage ‘Improving individual accountability.’ This webpage provides an overview of the policy changes that the FCA and PRA have implemented that are aimed at increasing individual accountability in the banking sector. These policy changes include the Senior Managers Regime, Certification Regime and the Conduct Rules. Most of these policy changes came into force on 7 March 2016.
The update explains that the Bank of England and Financial Services Act 2016, includes the extension of the Senior Managers and Certification Regime to all Financial Services and Market Act 2000 (FSMA) authorised firms. The FCA notes that it will consult on the extension of the regime in advance of implementation.