Industry updates

Each month we send a market update to key figures in the industry.

We cover the most important issues and give our honest opinion about the current hot topics. Catch up with our views and reviews by looking at the archive below.

If you would like to be added to the distribution list, please use the contact us page.

Senior Manager & Certification Regime comes of age – what next?

It is just over 2 years since the FCA Senior Manager & Certification Regime [SM&CR] was implemented for banks and deposit takers. Since then, the regulator has continued to embed cultural changes and strengthen market accountability with the objective of minimising consumer harm.

There were, therefore, no surprises that the recently issued policy statement extending the reach of SM&CR to insurers and asset and wealth management firms contained no material changes from the original consultation. Additionally, the FCA has already stated that Claims Management Companies [CMCs] will be covered by the regime and whilst they will be the subject of a further consultation they should expect little change from what already exists – one regulator, one set of rules driving common ethical standards across all regulated firms.

The lack of significant change in the near final rules compared to the consultation paper clearly signals the FCA direction of travel and firms have received significant notice of intent. There can, therefore, be no excuse for not being fully ready by the relevant deadlines and firms should not expect any leniency if they fail to achieve timely and effective SM&CR implementation.

As a result of our work helping firms implement effective SM&CR, we have concluded that many firms fail to understand the amount of work and time involved in becoming SM&CR compliant.

In our experience, firms often fail to appreciate that all staff, except those in ancillary functions with no consumer contact, are caught by the rules. We believe that a successful SM&CR outcome is dependent upon implementing good cultural foundations and sticking to robust implementation timelines.

  • Behaviour and Culture of the Irish Retail Banks – a new Individual Accountability Framework

    The Independent recently interviewed the Central Bank of Irelands’ Director General (Financial Conduct), Derville Rowland. The issue of culture in Irish banking institutions was considered at length and Rowland indicated that a culture report would be produced for the Minister shortly – it has since been issued. The report focusses on the behaviour of the […]

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  • Artificial intelligence [AI] in financial services

    The FCA has announced details of its successful and catchily named ‘fourth cohort candidates’ in its sandbox. This allows firms to test innovative products in a live environment, while ensuring appropriate protections are in place. The 29 successful firms include businesses ‘testing’ automated solutions across a range of product areas including automated advice and decisioning. […]

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  • Mortgage Arrears – time to focus on policies?

    The recent UK Finance arrears and possessions conference highlighted several action points for lenders and servicers. The underlying message, which mirrors current regulator themes is clear; organisations should use the current benign arrears environment to “weatherproof” policies and procedures. We were not surprised to hear the renewed focus. Although current arrears numbers are low and […]

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  • Rockstead at Global ABS 2018 in Barcelona

    Rockstead recently exhibited at Global ABS 2018 in Barcelona. We joined issuers, investors and other service providers in another successful annual ABS conference and took the opportunity to showcase our UK, Ireland and European asset, process and business due diligence capabilities. Please get in touch if you want to discuss any of your own requirements.

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