The Financial Conduct Authority has today announced that it will soon consult on whether an individual within a firm having responsibility for the legal function should require approval within the Senior Managers Regime: see here. The FCA also provides, in its statement, a clarification of its current position, and an explanation of the approach it will adopt in respect of firms' decisions in the interim period given the uncertainty that exists.
Wednesday 27 January 2016
UK: FCA clarification - the Senior Managers Regime and responsibility for a firm's legal function
The Financial Conduct Authority has today announced that it will soon consult on whether an individual within a firm having responsibility for the legal function should require approval within the Senior Managers Regime: see here. The FCA also provides, in its statement, a clarification of its current position, and an explanation of the approach it will adopt in respect of firms' decisions in the interim period given the uncertainty that exists.
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