Regulatory AlertsPS18/16: The Duty of Responsibility for insurers and FCA solo-regulated firms
The Financial Conduct Authority issued Policy Statement PS18/16 to finalize rules regarding the Duty of Responsibility for insurers and solo-regulated firms. This document establishes the requirements for individuals to take reasonable steps to prevent an authorized firm from committing a regulatory offense. It implements changes to the Approved Persons Regime to ensure clear accountability for senior management responsibilities within these specific sectors.
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