BLOG: Accountability Klaxon! What Can You Achieve With Two Months To Go?
The date – 7 March 2016 – is etched in the minds of those working for FCA-regulated firms who are now staring the rules and regulations of the new Accountability Regime straight in the face. But with two months to go, it isn’t too late to ensure your business and staff are competent and compliant in the all-seeing eyes of the regulators.
“Everybody knows the FCA’s bite has matched its bark so far, therefore as the new regulation around accountability comes into effect, being able to show the clear lines of reporting, roles and responsibilities, and producing evidence of competency within the wider context of compliance with the Accountability Regime is critical.”
That is the view of Mark Jones, Unicorn Training Commercial Director, writing in a recent edition of T-C News magazine.
The Senior Managers Regime and Certification Regime for banks, building societies, credit unions and PRA-designated investment firms are designed to encourage individuals to take greater responsibility for their actions, and for firms to take full responsibility for their staff’s fitness and propriety.
Both regimes will be underpinned by new Conduct Rules, setting out the required standards of behaviour. It’s never been more important to ensure you have the correct systems, training and controls in place so every relevant staff member conforms to the requirements. Staff must be competent to undertake their roles and understand their individual responsibilities.
Mark adds: “You could argue we are starting to see more of a crossover between the traditional roles of risk and compliance teams and those in training and competence, as whereas compliance is where the focus around conduct and behavioral and cultural change has been centred over the past few years now robust T&C practices are extrinsically tied in with that.
“The Accountability Regime leaves no hiding place in the FCA’s aims of raising standards and restoring public trust and confidence in the regulated sectors. But the by-product is firms, almost by default, will have to adopt much more commonsense, transparent people management practices.”
To help you meet these regulatory challenges, we have been busy developing a number of new eLearning modules in partnership with FSTP to add to our ComplianceServe library. And to help you get started, here are the first of some short introductory videos we’ve produced to get you on the right path 🙂 More will be coming soon so keep your eye out!
And if you would like to chat about any of this face-to-face you can come to see us on Stand P14 at the Learning Technologies 2016 conference and exhibition at Olympia on Wednesday 3 and Thursday 4 February.
Introduction To The New Banking Regime (click image to play)
The Certification Regime (click image to play)
Introduction to ComplianceServe