Regulatory Alerts2017-12-12
Added · Updated
PS18/16: Final Guidance on the Duty of Responsibility for insurers and FCA solo-regulated firms
The Financial Conduct Authority confirms that no amendments to its Decision Procedure and Penalties manual (DEPP) are necessary beyond existing definitional changes to extend the Duty of Responsibility to Senior Managers of insurers and FCA solo-regulated firms. The Duty requires the FCA to prove that a Senior Manager failed to take reasonable steps to prevent firm misconduct, with the burden of proof resting entirely on the regulator. The extension of the Senior Managers and Certification Regime, including this Duty, is scheduled to come into force for insurers on 10 December 2018 and for FCA solo-regulated firms on 9 December 2019.
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