You may either download the brochure or request your personal hardcopy at any time.
Introduction
This timely seminar will help Approved Persons, Non-Executive Directors and Compliance personnel:
- Manage their company's ongoing compliance with the FSA's revised Approved Persons regime
- Meet the new obligations and standards required
- Avoid the ris of regulatory sanction under the FSA's new enforcement strategy
It will also be of value to HR, Training & Development and Corporate Governance professionals with responsibility for supporting Approved Persons.
Seminar Agenda
Registration opens: 9.00am
Sessions commence: 9.30am
Close of seminar: 4.40pm
An Overview and Analysis of the FSA’s New Approved Persons Regime
- Placing the new Approved Persons requirements in the context of developments in the FSA’s regulatory regime
- Examining the operational impact of these changes and lessons learned
- Reviewing the content and purpose of the High Level Standards
- How the various standards interlink
- The practical implications of changes to the Approved Persons regime
- The impact of the Walker and Combined Code reviews
The Results of the Significant Influence Function Review
- Changes in CF 1 and CF 2 definitions
- Identify SIFs in parent undertakings and holding companies
- Impact on UK branches of third country firms
- Extension of CF 29 definition for proprietary traders
Lessons learned during the transition period and how to prepare
- The extended requirements for references
- Non-executive director responsibilities –what are the FSA’s expectations
- Impact on proprietary traders?
- Interviewing of Approved Persons by the FSA pre-appointment
Applying Controlled Function Requirements under the New Rules
- What are the Controlled Functions
- How they apply to different businesses
- Who are the Controlled Function holders
- The effect of changes on Controlled Function holders
CASE STUDY EXERCISES:
Identifying Controlled Function Holders and Approved Persons
Complying with the Requirements in the Statements of Principle for Approved Persons
- How to interpret the Statements of Principles
- Turning the principles into a practical reality for your most senior personnel
- How the principles apply to individual roles and behaviours
- The enforcement implications of breaches and how these can be mitigated or avoided
Responding to the FSA’s Revised Enforcement Strategy; “Credible Deterrence” and the Consequences for Approved Persons
- Impact of the Supervisory Enhancement Programme
- What have Enforcement been doing?
- How should Approved Persons evidence competence?
- The implications for Corporate Governance arrangements
- What does the FSA mean by “ closing the gap between our expectations of the regime and its current application”
Effective Procedures for Maintaining Approval
- Maintaining controls and tracking changes
- Application forms and changes
- Reflecting changes in responsibility
- Making returns to the FSA
Meeting FSA Expectations of the Knowledge and Behaviour of Approved Persons
- Approved Person responsibilities under SYSC
The extension of the Common Platform - The FSA’s wider expectations
Preparing for an Arrow 2 visit
Managing the regulatory relationship
Final Q&A
You may either download the brochure or request your personal hardcopy at any time.
Introduction to FSA Regulation & Compliance - Including Industry Case Studies & Examples of Good Practice
This course provides a practical introduction to FSA regulation, with a focus on current high risk areas such as TCF, Financial Crime, AML, Complaints, Financial Promotion, Approved Persons, T&C etc. It is designed to equip delegates with a thorough understanding of the essentials of Financial Services compliance.
Who Should Attend
The programme is designed for those who are new to Compliance or Regulatory Risk or have little experience in these areas. It will also benefit Senior Managers looking for a practical introduction or a refresher on FSA regulation and compliance.
This course will not focus on any specific sector, but will be of value to individuals across the financial services industry.
DAY ONE
FSA Regulation
• Background and history
• Role of FSA and its powers
• How FSA regulates High Impact, Relationship Managed and Small firms
• EU impact on FSA regulation
• FSA Enforcement
The FSA Handbook
• How is it structured
• How do you find your way around it
• Rules and guidance
• The FSA website
Outcome-Focused Regulation
• The moves from rule-based to principles-based regulation and now to ...
• Outcome-focused regulation
• What does it mean for your firm
Treating Customers Fairly (TCF)
• What is the FSA’s TCF project
• Where is the project now
• What should your firm be able to evidence
• How can you show TCF is embedded in your firm
The Approved Persons Regime
• Understanding requirements for Approved Persons
• What are their responsibilities to the FSA and how do you help them achieve these
• Defining and identifying Controlled Function Holders and Approved Persons
Training and Competence (T&C)
• Regulatory expectations
• Why is T & C so important
Anti-Money Laundering Regime
• Regulatory requirements
• Key money laundering risks
• The role and responsibilities of the compliance department
• The roles of The Joint Money Laundering Steering Group and the FSA in anti-money laundering control
The Regulatory & Legal Environment for Financial Crime
• Implications of the Fraud Act
• Key internal & external financial crime risks
• Anti-fraud policy and procedures
Q & A and Close of Day One
DAY TWO
How Does the FSA Supervise
• Themed inspection visits
• Overview of the ARROW process and ARROW visits
• Regulatory reporting
Effective Approaches to Risk Assessment and Monitoring
• Identifying, evaluating and measuring risks
• Compliance monitoring – what to monitor and how
• SYSC and the Common Platform
Ensuring Compliance in Financial Promotions
• Regulatory requirements: MiFID, COBS/ICOBS/MCOB, TCF
• FSA guidance
• ‘Fair, clear and not misleading’
Identifying Regulatory Risks when Handling Complaints
• Complaints requirements
• FSA perspective
• Demonstrating TCF
• Key regulatory risks
Producing Meaningful Management Information
• Generating and measuring useful data
• Monitoring MI processes
• Reporting
How to Maintain a Good Relationship with the Regulator (and Succeed in Compliance)
• Deliver and Evidence the required Outcomes
• No surprises
• How to keep abreast of the regulator’s important issue
Final Q & A and Close of Course
Day One
Registration from: 9.00am
Sessions commence: 9.30am
Close of day: 4.30pm
Day Two
Sessions commence: 9.30am
Close of course: 4.30pm
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