Tag Archives: Senior Managers Regime

Supreme Court victory for U.K. Financial Conduct Authority spells trouble for senior managers

The recent U.K. Supreme Court decision in Financial Conduct Authority V Macris has clarified the law—but not in a way that will give comfort to senior managers. Continue reading →

A new regulatory threat for directors of U.K.-listed companies

You are a director of a U.K.-listed company but not its Chief Financial Officer. A significant error is discovered in the financial statements going back several years, as a result of which the accounts have had to be restated. If … Continue reading →

The English Court of Appeal holds a senior manager strictly to account for negligence

As a senior manager, can you be summarily dismissed under English law for gross misconduct not as a result of deliberate or dishonest conduct but instead due to a negligent failure to act, even when this has caused your employer … Continue reading →

Hong Kong to introduce new “Senior Managers Regime”

There was speculation, following the introduction of the Senior Managers Regime (SMR) in the U.K., that other regulators would follow suit and introduce similar regimes in their countries. It looks as if Hong Kong will now be the first to … Continue reading →

Cyber attack: Ignorance and inaction are no defence

For any company that relies on computers (i.e. just about any company), cyber risk is real, serious and unavoidable. Given that all company directors are legally obliged to promote the success of the companies they serve and, in doing so, … Continue reading →

Am I exposed to/protected from regulatory liability? Search me!

I took part recently in a webcast run by the British Bankers Association (BBA) entitled: “What to do When the Regulator Comes Calling” . Continue reading →

Should general counsel have “overall responsibility” for a firm’s legal function?

Sounds like there should be an obvious answer to the question in my headline? Instead in the case of U.K. financial institutions it may turn out to be a case of “be careful what you wish for”. Continue reading →

The Senior Managers Regime – Just a Matter of Doing the Right Thing?

The Senior Managers’ Regime (SMR), due to come into force in March 2016, is the U.K. financial regulators’ response to widespread concern that bank executives were not held personally responsible for the huge losses of the financial crisis. Yet as … Continue reading →

What Impact Will the Senior Managers Regime Have on Internal Investigations Involving Senior Employees?

Imagine you are a designated senior manager or perhaps simply someone subject to the Financial Conduct Authority’s new certification regime. Out of the blue, you are asked to attend a meeting with the company’s general counsel. After the initial pleasantries … Continue reading →

A New Report on the Theme of Personal Accountability Contains a Worrying Conclusion

It’s not just me who keeps returning to the theme of personal accountability for senior managers. A very recent survey and report by Thomson Reuters on personal liability of senior individuals and compliance officers contains some fascinating insights. Two findings … Continue reading →