l FCA Tells Firms to Think | SMCR Compliance

Britain’s finance watchdog tells firms to think, not tick boxes

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Britain’s finance industry watchdog wants financial services firms to think for themselves when applying new accountability rules for staff rather than adopt a “tick box” mentality for the new SMCR regime.

The new rules are designed to ensure staff are “fit and proper” will apply to an estimated 47,000 more financial services employees from December.

The FCA is facing pressure from firms to spell out what would constitute “reasonable steps” senior managers must take to avoid a breach of the rules that would risk a fine or ban.

But the FCA wants the industry to step up to the task itself.

“We want people to think about what they are doing, not follow unthinkingly a set of tick box rules,” David Blunt, head of conduct specialists at the FCA told a City & Financial conference on Wednesday

https://www.reuters.com/article/britain-markets-regulator/britains-finance-watchdog-tells-firms-to-think-not-tick-boxes-idUSKBN1WA282