Regulatory Alerts2017-12-12
Added · Updated
PS18/16: 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 senior managers in insurers and solo-regulated firms. This document sets out the final guidance and amendments to the Senior Managers and Certification Regime, specifying the individuals who must take responsibility for key areas of compliance and risk management. The policy aims to enhance accountability and governance standards within the regulated insurance sector by clearly defining the scope of individual liability.
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