Past business reviews – getting it right

The stakes of a past business review over regulatory concerns are higher than ever for executives under the Senior Managers and Certification Regime. Simon Collins outlines how to demonstrate that you take your accountabilities very seriously.

Simon Collins is managing director for the financial services regulatory compliance practice within Eversheds Consulting. Contact him on simoncollins@eversheds.com.

Let’s consider a scenario; it’s simplified to some degree and assumptions are made. However, it demonstrates how the introduction of the SMCR for banks, building societies and insurers in March this year (and to be rolled out to all regulated firms in 2018) has had an increased regulatory impact on firms and individuals when a potentially serious regulatory issue manifests itself.