In this paper we follow up on the feedback that we provided earlier this year in Consultation Paper 15/9: Strengthening accountability in banking: a new regulatory framework for individuals – Feedback on FCA CP14/13 / PRA CP14/14 and consultation on additional guidance and publish final rules.
In Chapter 6 of this paper we are consulting on rules requiring the certification of some individuals involved in wholesale market activities, such as trading.
Why are we issuing this Consultation Paper (CP)?
In this paper we, the Financial Conduct Authority (FCA), set out final rules for a new accountability framework for individuals working in banks, building societies and credit unions. As well as making sure that, in future, senior managers can be held accountable for any misconduct that falls within their area of responsibility, our regime aims to hold individuals working at all levels in banks and other relevant firms to appropriate standards of conduct.
Consultation Paper 15/22 [PDF]
Who is this CP aimed at?
This consultation paper is relevant to:
- UK banks
- building societies
- credit unions, and
- PRA-designated investment firms
It will also be of interest to incoming branches of overseas relevant firms.
Our proposals for consultation in Chapter 6, on the extension of the Certification Regime to wholesale market activities, apply to both UK relevant firms and incoming branches of overseas relevant firms.
What are the next steps?
If your firm is affected by these changes, you will need to ensure that you are ready for their coming into force on 7 March 2016.
We are asking for comments via our online response form on Chapter 6 by 7 September 2015.
- see our pages on improving individual accountability
- CP15/5: Approach to non-executive directors in banking and Solvency II firms & Application of the presumption of responsibility to Senior Managers in banking firms
- CP14/31: Strengthening accountability in banking: forms, consequential and transitional aspects
- Martin Wheatley speech: Accountability, from debate to reality
- look at the Handbook