The Monetary Authority of Singapore (MAS) released its guidance on the 10th September 2020 on the five high-level outcomes that financial institutions should achieve on individual accountability and conduct.
Role assurance regimes and regulatory guidelines on individual accountability such as the SMCR are part of a global trend to support a change in culture at all levels of financial services. MCO recently launched its award-winning Role Monitoring and Accountability (RMA) module to help firms comply with SMCR and similar regulations.
2020 has been a scary year and there have been a few things that have spooked the most experienced compliance officer. Covid-19 compliance, regulatory updates and deadlines, and a few large fines and sanctions haunted firms throughout the year. In this blog, we share our thoughts about recent events that unnerved normal compliance operations and should be considered as we move towards 2021.
The FCA is consulting on extending the deadlines for the SMCR for solo-regulated firms until 31 March 2021. This delay will give firms, significantly affected by the Covid-19, time to make the changes they need.
The FCA has stated that a primary focus in 2020 is to mitigate the impact of Covid-19 on the markets and protect consumers. However, firms should not think that means that the regulator will adopt a light approach to current investigations and regulatory enforcement.
