Senior management responsibilities under the new regulatory regime

Abstract

The Financial Services Authority (FSA) issued in July 1999 draft Statements of Principle and Code of Practice for Approved Persons in preparation for the new regulatory regime to be introduced under the proposed new Financial Services and Markets Act. In December it issued draft rules and guidance relating to firms' systems and controls and responsibilities of senior managers. This paper summarises the proposed new regime and highlights some of the main issues that will arise for employees of regulated firms, and particularly for senior managers. It goes on to discuss senior managers' powers to delegate their functions and lessons learned from the courts on that issue.

Citation

Bagge, J. (2000), "Senior management responsibilities under the new regulatory regime", Journal of Financial Regulation and Compliance, Vol. 8 No. 3, pp. 201-209. https://doi.org/10.1108/eb025043