A two hour Insurance Institute of London (IIL) briefing presented by Branko Bjelobaba FCII, Senior Consultant on FCA Compliance and CII Accredited Advanced General Insurance Trainer.

This event is of specific relevance to general insurance intermediaries only.

In response to the 2008 banking crisis and significant conduct failings such as the manipulation of LIBOR, Parliament set up the Parliamentary Commission for Banking Standards (PCBS) to recommend how to improve standards in the banking sector. PCBS recommended a new accountability framework focused on senior management. It also recommended that firms take more responsibility for employees being fit and proper, and that there be better standards of conduct at all levels in banking firms.

Based on these recommendations, Parliament passed legislation in December 2013, leading to the FCA and Prudential Regulation Authority applying the SM&CR to the banking sector. Parliament made further changes to legislation in May 2016, requiring the FCA to extend the regime to all FSMA authorised firms. Significant changes are being proposed that will now take effect from 9 December 2019. This will mean changes to your Approved Persons with Non Executive Directors no longer needing approval although the current/future Board Chair will and conduct rules applying for the first time ever to ALL staff – do you know what changes you will have to make?