Regulators around the world are increasingly focusing on personal accountability, and the Channel Islands regulators are no different. With increased regulatory focus, the onus is on the individual to ensure they have taken ‘reasonable steps’ to prevent regulatory breaches. Demonstrating and evidencing these
‘reasonable steps’, in a time of ever-growing regulatory requirements, is not a straightforward exercise. Do you worry about your firm’s compliance and corporate governance? Do you find the concept of personal liability daunting? Does it keep you awake at night? You are not alone!
The introduction of the Senior Manager and Certification Regime (‘SMCR’) in the UK, has required regulated firms to identify senior managers, allocate responsibilities and ensure that senior managers are fit and proper for their roles and meet conduct rules. This concept is gradually becoming a global phenomenon as other countries introduce measures to reinforce individual liability.