Mark Turner, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, recently spoke to Peer2Peer Finance News about the importance of peer-to-peer lending firms complying with their regulatory obligations.
Financial services have had to comply with the FCA’s Senior Managers and Certification Regime (SM&CR) since December 2019. For many firms this didn’t require radical changes to their existing governance and oversight arrangements; however, the COVID-19 crisis has posed a new set of challenges. It is vital that Senior Managers maintain proper governance, document key operational decisions and prioritize mission critical work as the actions they take now may be subject to intense scrutiny once the crisis is over.
Mark further adds that during the current crisis where Senior Managers are required to make quick decisions they should seek support and advice from internal and external networks, encourage staff to speak up about processes in reaction to the new environment, adapt governance processes and deprioritize where needed to utilize resources within key focus areas.
Read the full article here.
