Marking another successful partnership yet again with the 1LoD organisers, Fonetic was in London this week for the 1LoD Buy-Side Summit. The event drew in over 150 risk & control practitioners, regulators, consultants and RegTech leaders for a day of keynote sessions, interactive debates and roundtables.
The first keynote of the day was by Nick Miller, Head of the Asset Management Supervision, at the Financial Conduct Authority where he gave us the FCA’s expectations for SM&CR.
A very insightful talk followed by Terri Duhon, Chair of the Board, at Morgan Stanley Investment Management EMEA, centring on culture, which appeared to be a recurring theme throughout the day.
Then on to further discussion around evidencing individual accountability, an area touched on in the recent blog Thoughts on SMR: A view from a grizzled ex-trader.
As with so many new regulations, the devil is very much in the detail and SMR is no exception. Extensive documentation is needed and demonstratable steps taken by Senior Manager functions demonstrate Compliance.
In a recent article featured in Markets Media, Nick Child, Chairman on the Product Advisory Board at Fonetic he talks about how communications will be the key to unlocking SMR Success.
He explains that in the event of regulatory action by the FCA, any discovered failure to adhere to SMR could result in fines, suspension or lifetime bans from the industry for senior management, in addition to any fine for the Firm itself. 2018 saw a 70% increase in the number of lifetime bans from the industry.
If you’d like to more about how you and your firm achieve SMR compliance through effective communications surveillance, download our latest whitepaper on the role of technology in SMR compliance.
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