Are you ready for the Senior Managers Regime?
- Regime already been implemented at banks and building societies but now advisory firms need to comply
Key Issues and Challenges:
- Key for every IFA firm to have a clear plan to deal with this. It's important that there are a clear set of responsibilities for this within the business and crucially for those holding regulatory responsibilities
- Clear set of questions firms should be asking such as 'do you have the right people in the right roles' and 'is the T&C scheme fit for purpose' as well as 'do your tier 1 staff know conduct rules and know the integrity of working in the client's interest'?
- Document roles and responsibilities
Conclusion and Solutions:
- The importance of training and culture that firms need to operate in has been highlighted
- If employees are to hold more responsibility and accountability, then there is higher salary expectancy which is generally accepted and seen as manageable
Tony Bray, threesixty Services - Barry Martin, threesixty Services
Rod Byrsyon, Capgemini Invent - Roderic Rennison, Rennison Consulting