Just weeks away from implementation, UK financial services
firms are preparing for new rules making up a broader drive for
a culture change in the industry.
The Financial Conduct Authority (FCA) outlined the new
rules in an attempt to encourage staff to come forward with
information last October, and they’re due to come
into effect on September 7.
They apply to deposit-takers with over £250 million
($325.6 million), Prudential Regulatory Authority
(PRA)-designated investment firms, and insurance and
reinsurance firms regulated by Solvency II. The regulator is
also exploring the possibility of extending the rules to UK
branches of overseas banks.
The framework is closely linked to the UK’s
Senior Managers’ Regime (SMR) which came into
effect earlier this year in a bid to boost individual
accountability at financial institutions. Within the SMR was a
requirement to appoint a so-called whistleblowers’
champion, a non-executive director whose responsibility it