UK banking reform and the Senior Managers Regime
UK regulators will be stepping up oversight of financial sector employees in 2015. Lawyers Alan Bainbridge and Elisabeth Bremner look at the likely consequences
In the UK, the Financial Services and Markets Act 2000 (FSMA) already gives City regulators a number of powers and responsibilities over individuals that carry out certain roles within financial services firms. These roles are known as "controlled functions" and the individuals performing them are described as "approved persons".
Responsibility for controlled functions is split between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), with the PRA responsible
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