Financial Services & Regulatory Issues

The financial services sector is undergoing huge reform in an attempt to avoid a repeat of the financial crash of 2007/08. The Senior Managers’ Regime (‘SMR’) and Senior Insurance Managers’ Regime (SIMR) have brought about a sea-change in accountability in the financial services sector. They have introduced sweeping reforms to the way firms must assess fitness and propriety, handle whistleblowing complaints and reference-check their staff. The reforms have applied to banks and building societies since March 2016 but will be extended to insurers and other investment firms by 2018.

Our Services

We can help through:

  • Auditing and updating employment documentation to ensure compliance with the SMR/SIMR.
     
  • Advising firms and regulated individuals on the appointment or exit of Approved Persons or Senior Managers.
     
  • Advice and training on the employment law implications of the SMR/SIMR, Certification Regime and Conduct Rules.
     
  • Preparing and negotiating statements of responsibility and responsibilities maps.
     
  • Advice on the obligations of ‘whistleblowing champions’ and reviewing whistleblowing procedures to comply with the SMR/SIMR.

Case Studies

  • Reviewing and amending the template offer letter, employment contract, settlement agreement, handbook and non-executive director appointment letter of a private bank to comply with the SMR.
     
  • Advising a financial advisory firm on the dismissal of an Approved Person. Advising on the terms of the Form C lodged with the Financial Conduct Authority. Defending tribunal litigation brought by the individual and securing legal costs and the withdrawal of the claim.
     
  • Training financial services firms on the new SMR and SIMR and identifying action points for the HR and Compliance teams.

Get in Touch

If you would like further information on our Financial Services and Regulatory services then please contact Christopher Tutton on + 44 (0) 20 3696 8232