The Covid crisis presents unique and intense challenges for financial services firms and their senior management.
In May 2020 we ran an online interactive update on the SM&CR, with a focus on the requirements of Senior Managers during the Covid-19 crisis, including an update on recent FCA communications, discussion of the hot-topics and risks facing firms currently, how to ensure you are treating your customers fairly and how to demonstrate you have discharged your responsibilities effectively during the crisis.
Our speakers were:
Gary Storer CEO, Enterprise Learning Ltd.
Neil Baines-Thomas Principal Consultant, SM&CR
Louise Allison Principal Consultant, Conduct Regulation and Risk Monitoring
Discussion topics were:
· What should Senior Managers be considering during the crisis?
· Maintaining and Updating Statements of Responsibility
· Hot topics and risks from the FCA Business Plan for 2020-21 relevant to the crisis
· Recent updates to the Senior Managers & Certification Regime during Covid-19
· Implementing the SM&CR Conduct Rules for all staff by December 2020
· Key consumer and Conduct risks to monitor during the crisis, including the following:
– Lending, mortgages and consumer credit
– Vulnerable customers
– Arrears and collections
– Suitable investment advice
· Asking the right questions of managers to identify risks early
· How can you monitor the treatment of customers at the front line?
· Demonstrating you and your colleagues are fulfilling your SM&CR obligations
Please look out for further emails from us, giving details of further Webinars during the Covid-19 lockdown.