Training Courses

Senior Management and SYSC Workshop

Category: Regulation and Compliance

Course level: Intermediate

In house

This 2-hour workshop is designed to provide a fast-track review of the FSA’s Approved Persons regime and the specific application to Senior Managers.

It will focus mainly on recent FSA consultation and discussion papers, particularly the impact of MiFID on the Approved Persons regime under PS 07/3&4.

Objectives

By the end of this workshop, delegates will have a more comprehensive understanding of:

  • identifying the Controlled Functions in their firm
  • understanding the responsibilities of Approved Persons and Significant Influencers in the firm
  • their individual responsibilities to the firm and the FSA
  • how the Code of Conduct and FSA Principles apply to them
  • penalties for getting it wrong
  • best practice for recruitment and assessing staff
  • the risks of outsourcing
  • PS 07/3&4 – impact on APER post-MiFID

Length

2 hours

Course Content

Approved Persons

Which functions fall within the Approved Persons regime?
    Identifying Controlled Functions
    Making sure your staff are properly classified
PS 07/3&4 – changes to Controlled Functions

Recruiting and promoting staff to Controlled Functions

Ensuring non-Approved Persons do not perform Controlled Functions
    Is the applicant competent?
    Supervision requirements
    Approved examinations
Taking on new Approved Persons
    Contracts of employment
    Credit references, CRB references, past employment references, etc.
What information does the FSA require (past employment history,     reasons for leaving, etc.)?
    What happens when personal details change?
    Changing/ceasing a controlled function
    Changing firms
    Promoting existing staff into Controlled Functions?
    Rules for temporary staff
    Penalties for failing to comply – who is liable?

Training & Competence

Who falls under the T&C regime and who is outside it?
Proposed FSA changes under CP 06/15
What is the senior manager’s responsibility?
    Is an examination required?
    Is the person competent to act unsupervised?
    Does the person need any training to become threshold competent?
    On-going assessment (e.g., appraisals)
    Documentation and record keeping
    Penalties for failing to comply with the T&C regime – who is liable?
 

Identifying Significant Influencers

Defining a Significant Influence function
FSA Principles for Significant Influencers
Code of Conduct for Significant Influencers
What are the responsibilities of Significant Influencers?
    Apportionment of responsibility
    Appointing an audit committee, internal audit, third parties,
    remuneration committee, risk committee, compliance function
What are the penalties for breaches – who is liable?
Role of the Compliance Oversight Function and HR to provide
a support framework for Senior Managers

Systems & Controls (SYSC)

Separation of risk control of investment decisions (FSA CP 142)
Disaster recovery contingency
Recruitment and appraisal systems (overlap with HR function)
Financial supervision (Basel 2 and IPRU – overlap with finance function)
Information gathering (overlap with internal audit function)
    Can you prove to the FSA that you receive all relevant information?
How to assess the information (overlap with Compliance Oversight Function)
What decisions and actions to take?
    Can you prove to the FSA you took all reasonable steps?
Documentation and record keeping

Enforcement and disciplinary processes

Internal disciplinary procedures
FSA investigations and enforcement procedures
FSA tribunals
FSA sanctions (fines, censure, banning individuals and firms)

This course would be suitable for:

  • Approved Person
  • HR and training
  • Senior managers
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