In a recent article for Financial World, our Employment team explains the new certification and conduct regulations for the financial services sector and discusses whether they will make much of a difference.
Changing Banking for Good – this is the noble and ambitious title of the government’s June 2013 response to the Parliamentary Commission on Banking Standards (PCBS) report on strengthening accountability in banking. Cynics might suggest that this begs the question whether the government’s intent is to make banking benevolent or to alter it irrevocably, but perhaps these are equally important aims. Whatever the goal, the Financial Services (Banking Reform) Act 2013 will take effect from 7 March, 2016, and bring to an end the authorised persons regime. It will be replaced by the new senior managers and certification regimes and conduct rules.
The act makes ostensibly significant changes to the way people are approved and appraised for work in financial services. However, this article considers a personal perspective that the
changes are not as far-reaching as they appear at first blush. They may, in fact, serve to weaken the regulatory framework they are designed to bolster.
The full article is available here link