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FCA set the blueprint for accountability globally

FCA set the blueprint for accountability globally

Commenting on the FCA’s near final rules

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Commenting on the FCA’s near final rules on the Senior Manager & Certification Regime, and proposal for a directory of financial services workers, Suvro Dutta, Partner and SMCR lead for KPMG UK, comments:

 

“The FCA’s proposal to create a public directory of individuals is to be welcomed, it shows the regulator has listened to industry feedback and most importantly, a directory would add a further layer of transparency helping to enhance trust in financial services professionals. This is an important debate for the industry to have.   

 

“Whilst it is only today that we get the near final rules on SMCR, its impact is already making waves having set the blueprint for accountability globally. Regulators around the world are increasingly focusing on named individuals and clarity of roles; Australia’s Banking Executive Accountability Regime (BEAR), for example, clearly borrows from SMCR.

 

“If implemented pragmatically and proportionately, SMCR will lead to a more resilient UK financial services sector; crucially this is a test of governance and not a regulation so a common sense approach from both firms and regulators is critical. In the last two years we have seen SMCR positively impact decision making in UK banks so rolling it out to the wider financial services sector creates a sound, clear and consistent framework for governance and supervision.”  

 

ENDS

 

 

For media enquiries, please contact:

Christina Bridge, KPMG Corporate Communications

M:  07789 504905 

E: Christina.Bridge@KPMG.co.uk 

KPMG Press Office: +44 (0)207 694 8773

 

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff.  The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and territories and has 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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