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FCA staff to be held accountable under senior managers regime

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The FCA has revealed how it will apply the core principles of the senior managers regime, which came into force for the UK’s largest financial institutions today, to its own staff.

The regulator had previously pledged to apply the rules, designed to hold high-ranking individuals in financial services organisations to account for misconduct in their area of responsibility, to its own employees. Today the FCA has set out what each of its senior staff will be responsible for.

FCA chairman John Griffith-Jones says: “Today’s publication is a reaffirmation of the FCA’s commitment to individual accountability.

“By holding ourselves to the highest standards we reinforce our expectation that those who work in financial services do the same. Together this will help us to fulfil the purpose for which we have been established – to ensure that UK markets work well for the benefit of all who use them.”

An FCA spokesman says the FCA board will hold senior staff to account, while the Treasury appoints the chief executive and chair at the regulator.

The diagram below sets out which individuals’ have been assigned senior management responsibilities. The numbers and letters in the circle coloured boxes relate to specific responsibilities and senior management functions, details of which can be found in the full document here.

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There are 6 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 7th March 2016 at 5:01 pm

    Remembering Clive Briault’s £612,000 golden parachute in the wake of his failure to ensure that the department for which he was responsible did its job properly with regard to Northern Rock, may we know just what sanctions will apply to those who fail to meet the requirements of this new regime and who will determine whether or not they are applied?

  2. You got precious little information and guidance up to now as they were petrified of getting it wrong. You’ll be lucky to get an answer to anything at all now.

  3. Julian, I fear your entreaty will be ignored.

  4. Perhaps, more to the point,

    FCA says “We are not formally subject to the Regime, but we uphold the highest professional values and our stakeholders including Parliament and the Treasury Select Committee rightly expect us to do so2. In line with this, we have decided to apply the fundamental principles of the Regime to our senior staff.”

    Yet the Regulators Code, which they are compelled to follow, is studiously ignored!!

  5. Julian Stevens 8th March 2016 at 9:36 am

    I still, to this day, wonder why the TSC appears also to ignore the very existence of the Code (to my knowledge, it’s never once raised it with the FSA/FCA) and why no effort whatsoever, on the part of any body, appears to be made to enforce it. It seems to be nothing more than a bit of nicey-nicey window dressing and aspirational waffle.

  6. You just have to admire the blatant hypocrisy…….
    FCA chairman John Griffith-Jones says: “Today’s publication is a reaffirmation of the FCA’s commitment to individual accountability.

    Did you forget about your involvement with KPMG….. CO-OP HBOS ?

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