FCA staff now accountable under senior managers regime

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The FCA has revealed how it will apply the core principles of the senior managers regime, which came into force for the UK’s largest financial institutions yesterday, to its own staff.

The regulator had previously pledged to apply the rules, designed to hold high-ranking individuals in financial services organisations to account for misconduct in their area of responsibility, to its own employees. Today the FCA has set out what each of its senior staff will be responsible for.

FCA chairman John Griffith-Jones said: “By holding ourselves to the highest standards we reinforce our expectation that those who work in financial services do the same. Together this will help us to fulfil the purpose for which we have been established – to ensure that UK markets work well for the benefit of all who use them.”

An FCA spokesman says the FCA board will hold senior staff to account, while the Treasury appoints the chief executive and chair at the regulator.

The diagram below sets out which individuals’ have been assigned senior management responsibilities. The numbers and letters in the circle coloured boxes relate to specific responsibilities and senior management functions, details of which can be found in the full document here.