MI, Oversight & Audit

The “Senior Managers and Certification Regime (SMCR)” now means that a firm’s board is ultimately responsible for regulatory performance. The FCA expects senior managers to have sufficient oversight to know that the provisions they have in place are effective in ensuring fair customer outcomes. Where this is not the case firms, and individuals, may find themselves under investigation by the regulator.

Effective oversight of a firm’s regulatory performance relies on adequate and timely reporting. Senior managers need to be able to monitor all aspects of the firm’s compliance. Typical feeds of information will include business volumes and trends, customer satisfaction results, complaints data and compliance monitoring reports.

Management Information should be measurable and analytical. Senior managers need to be able to quickly detect when they have failed to meet regulatory standards. When failings are identified, further information must be accessible from which insights for improvement can be derived.

CCAS can help you build the right management reporting to ensure that you have adequate oversight. We will make sure you include the right feeds on information, combined in a way that helps you to know what is going on and how to rectify issues. We are also able to act as a third line of defence to independently audit and inform regulatory performance, either routinely to assure current operations, or as an important part of due diligence prior to the sale or purchase of a firm.

To find out how we can help you with MI, Oversight & Audit, get in touch with us today by clicking the button below.


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Articles

FCA Senior Managers and Certification Regime – 3.0 From the UK with Love

Introduction The SM&CR was developed as a result of the 2008 financial crisis and the outcry from the public following its perception of the lack of accountability and punishment of those running and controlling the banks and other financial sector firms, whilst by way of the ripple effect, the public paid the economic price for …

October 30, 2018 at 4:14 pm

FCA Senior Managers and Certification Regime – 2.0 Enforcement

Introduction The SM&CR was developed as a result of the 2008 financial crisis and the outcry from the public following its perception of the lack of accountability and punishment of those running and controlling the banks and other financial sector firms, whilst by way of the ripple effect, the public paid the economic price for …

October 26, 2018 at 9:42 am

FCA Senior Managers and Certification Regime – 1.0 Background

Introduction By and large, responsibility for the 2008 financial crisis has been laid at the doors of the banking sector, and in response, Parliament set up the Parliamentary Commission for Banking Standards (PCBS) with a mandate to recommend how standards in the banking sector could be improved. PCBS identified that firms should take more responsibility …

September 25, 2018 at 11:06 am

P2P faces tougher rules

Previously the peer to peer (P2P) lending sector had only been on the fringes of consumer credit regulation. With the transfer of consumer credit to FCA in 2014, P2P platforms were recognised as a regulated activity under a new category, “operating an electronic system in relation to lending”. In 2016 FCA launched a post implementation …

August 13, 2018 at 9:53 am