The clock is ticking...Are you ready for the senior managers regime?

Financial Advisory

Charlie Martin

Financial adviserFinancial AdvisoryFinancial servicesSenior managers regimeWinning Advisers


  • 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 ServicesBarry Martin, threesixty Services

Rod Byrsyon, Capgemini InventRoderic Rennison, Rennison Consulting