How Universities should investigate a complaint under the disciplinary procedure
With the introduction of the Senior Managers and Certification Regime fast approaching the Financial Conduct Authority has today issued amendments to the Decision Procedure and Penalties Manual (DEPP) and the Enforcement Guide (EG) to give guidance on how it will enforce the new accountability regime - including the Senior Managers and Certification Regime. It also sets out how the new powers created by the Financial Services (Banking Reform) Act 2013 (the Banking Reform Act) will be used.
The FCA confirms in the statement they will take effective and robust enforcement action across a wide range of firms and individuals. People should believe that they will be held to account where they are at fault and subsequently subject to meaningful sanctions. The FCA’s deterrence-based strategy will inform the decision making process and the rules will be enforced proportionately - the FCA will consider an individual’s position and remit of responsibility when taking enforcement action.
The guidance in DEPP and EG will apply from 7 March 2016. The Policy Paper sets out how the Conduct Rules will replace the existing Statements of Principle and Code of Practice for Approved Persons and how they will apply to a much broader range of people, capturing the vast majority of staff in relevant firms. Individuals subject to either the Senior Managers Regime or the Certification Regime will be subject to the Conduct Rules from 7 March 2016. The Conduct Rules will apply to other staff at relevant firms from 7 March 2017. Firms will need to make sure that their staff are aware of and understand the Conduct Rules before they come into force.
for further information, please contact Louise Hodges. You may also wish to see our Senior Managers and Certification Regime timeline here.
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