EVENT: Dealing with Regulatory Change: ABA Seminar 22 May
"Corporate Governance", "Conduct Risk and Financial Crime" and the UK regulators' growing use of "attestations" were the three topics covered during the ABA's expert seminar on on-going regulatory change on 22 May.
Addressing the issue of Corporate Governance, FTI's Senior Managing Director, Jeannette Lichner, described the governance requirements that are applied to banks in the FCA's Handbook, referencing the specific SYSC (Senior Management Arrangements, Systems & Controls) numbers that apply to bank governance. She then explained the "Approved Persons" regime and the current concerns that regulators have with bank governance (one of these was a concern about undue interference in UK branches by foreign parents). After explaining elements of an effective risk control model for banks, Ms Lichner ended her presentation by describing the PRA's approach to branch supervision, with reference to the consultation paper CO4/14 (February 2014).
Peter Brooke, a Managing Director with FTI, then described the areas of "Conduct Risk" that banks should be thinking about and what they should be doing to address these issues. He then referenced and explained the SYSC numbers that apply to financial crime and explained how to deal with the issue of Politically Exposed Persons (PEPs).
Jake Green, of Ashurst Solicitors, then explained the increased use by the financial regulators of "attestations", whereby senior managers or the board of a bank have to certify ("attest") that they have verified that their controls, policies and procedures are in line with specific expectations of the regulator, as expressed in a formal letter addressed to them. He considered the legal status of such attestations and how banks can deal with them.
This seminar was one of the regular technical seminars that the ABA holds during the course of the year. Previous seminars during 2014 have addressed the Gold and Foreign Exchange markets, and options for investors to receive permanent resident status or citizenship in the UK and elsewhere. The seminars are presented by subject matter experts. The formal session is followed by a buffet supper, during which participants can mix informally with the speakers.
The presentations from the seminar, and some photographs, are attached below. Presentations and photographs from other, recent, seminars are given elsewhere on the "Events" page.
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