MyComplianceOffice Blog

Regulated digital assets might sound like an oxymoron given that cryptocurrency was developed as an anti-establishment alternative to conventional finance. However, growing use of such assets has encouraged regulators across the world to take a closer look at this developing asset class.

The Senior Managers Certification Regime, abbreviated to SMCR or SMR, is a regulation implemented by UK regulators in March 2016. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) introduced this legislation to ensure greater regulatory accountability for senior managers within high-profile banks.

Conduct risk issues including employee compliance, transaction surveillance and third party risk pose significant risk to financial services firms across the globe. MCO CEO Brian Fahey sat down with Robin Amlôt of IBS Intelligence to talk about what financial institutions can do to avoid conduct risk compliance pitfalls.

Failure to disclose connected persons and personal relationships as required by firm policies and jurisdictional regulations can lead to significant consequences for both an individual and their firm. Recent events saw two high-profile media executives resign from their jobs because they failed to disclose their relationship under the organization’s disclosure policies, not because of the nature of the relationship itself. 

The rise of the Omicron variant has seen many large financial services firms postponing return to office plans. With remote and hybrid employees now the norm, the pandemic has already changed the way large financial services firms work.

What has this meant for conduct oversight?