FCA may delay enforcement of UK’s expanded conduct regime
Smaller firms won’t be penalised right away, says head of regulatory decisions committee
Firms that become subject to the UK Financial Conduct Authority’s (FCA) Senior Managers and Certification Regime after its December 2019 expansion are unlikely to face immediate enforcement actions while they get their houses in order, the head of the watchdog’s regulatory decisions committee said today (May 15).
The SM&CR requires firms to clearly define responsibility for 17 key functions across the institution, such as the roles of chief risk officer and head of anti-money laundering
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