Software to support the Senior Managers Regime (SMR) – A starter for 10

The new Senior Managers & Certification Regime will come into force for Banks on 7 March 2016. This new regulatory regime will then be applied across Financial Services over the next few years.

 

Many Banks have started their preparations for this major regulatory change (those banks that have not started, should get started!). As part of their overall approach to the SMR, banks are starting to consider software solutions to enable them to effectively meet their current and on-going regulatory obligations under the SMR.
Not surprisingly, there is a lack of clarity about what are the requirements for a software solution to support the SMR so here is my ‘Starter for 10’ requirements.

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The PRA and FCA aim to change the culture of Financial Services with new regulation

There is little doubt that the new Senior Managers Regime and Certification Regime will prompt the Firms to connect the dots between day to day operations and accountability, but it’s questionable whether it will change the culture in Financial Services.

In July 2014 the regulators announced their intention to ‘Strengthen accountability in banks’ in their joint consultation paper FCA CP14/13/PRA CP14/14 that introduced a new regulatory framework for individuals:

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FCA CP15/31 and PRA CP36/15 Strengthening Accountability in Banking Highlights

Proposals for regulatory references were outlined in the consultation paper published by the regulators yesterday. Firms are already required to provide references upon request, the new regulation requires Firms to request references for people that fall within the Senior Managers and Certification regimes.

Highlights are:

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In The Media: The Senior Managers Regime

The Senior Managers Regime has received a multitude of press coverage over the past month due to the announcement of additional rules (and the broadening of the existing rules) by Mark Carney, governor of the Bank of England, in his speech last Month. The 'final rules' were released at the beginnning of the month in CP15/22 Strengthening accountability in banking. The rules establish Carney's aim is to create a ‘culture of accountability’ by introducing precautionary, precise and punishable measures.

Catch up with the latest news on the SMR below, or read our summary here.

 

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What our CTO has to say about Windows 10, one month after downloading…

Actually, I had W10 installed in a preview back in January and found some very annoying bugs that made me uninstall it and go back to W8.1. Finally (and it looks like it is literally finally as they say this is the last version of Windows ever) I reinstalled the real W10 on the 29th July... And realised much to my surprise that the bugs that made me uninstall it were still there.

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A Year of FCA Fines

The last year has been particularly eventful when it comes to banking scandals and fines. We've taken a closer look at the number of fines and their values that have been handed out since the beginning of 2014.

Click below to see our FCA Fines dashboard.

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Using StratexPoint to Meet the Challenges of the Senior Managers Regime

The scope of the SMR was last month extended beyond banking and insurance workers to thousands of asset managers, hedge fund managers and other professionals in the fixed income, commodity and currency markets. Last week, the rules were extended once again to include individuals dealing with clients and algorithmic traders. Does this now include you? Read on to find out how you can prepare for the SMR with StratexPoint. 

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