Fri, Jan 4, 2019

Mark Turner Writes for Wealth Briefing: SMCR Might Be A Year Away, But Don’t Delay

Mark Turner, Managing Director in the Compliance and Regulatory Consulting practice at Duff & Phelps, wrote a piece for Wealth Briefing on the upcoming Senior Managers and Certification Regime.

“There is now just a year left until the extension of the new accountability regime will apply to many firms operating under partnership structures, such as hedge funds and wealth managers. This might seem like a relatively benign hurdle on the horizon, but there are some important organizational decisions firms need to take before the Senior Managers and Certification Regime applies. Under the new rules, certain individuals will have to be identified as senior managers and explicitly articulate what they are accountable for within an organization. Those named as senior managers will be held accountable by the Financial Conduct Authority under a new set of conduct rules, requiring them to apply a duty of responsibility when performing their role,” says Mark.

Read the full article here.