Core Regaltory Principles And Rules

Question 1

Senior managers and certify regimes

Answer 1

Senior managers - each one has a statement of responsibility. They are assessed under fir and proper yearly. ensures all senior managers are approved by the regulators. They need to take reasonable steps in order to prevent a regulatory breach from occurring.

Certification regime - this applies to material risk takers. Ie staff that are subject to the numeration code and other staff that post a risk of significant harm to the firm or any of its customers. - need to check they are fir and propper, issue a certificate to each employee gave procedures in place to re- assess the individual. It is the firm who assess the Individuals now.