Tag Archives: Senior Managers Regime

Seeking cover in the new senior managers’ regime

Despite all the talk about personal accountability at board-level by politicians and regulators, there have been very few instances of prosecutions or enforcement against the senior managers of banks and other financial institutions. So, is there really any reason for … Continue reading →

Survey results show uptick in liability concerns for U.K. Directors

The results of our fifth annual survey of directors’ liabilities, which we run together with international law firm Allen & Overy, are now available. We’ve looked not only at the risks and exposures facing business leaders, but also at how … Continue reading →

Financial Conduct Authority: Imbalanced accountability

Financial Conduct Authority (FCA) fines total more than £3 billion in the five years up to April 2016 – with only a minuscule proportion levied on individuals. But the accountability imbalance is set to change. Mark Steward, Director of Enforcement … Continue reading →

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 →