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Senior Management Safety 2010

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"Had I had the guidance of an expert, with the experience I now have today, my company and our board would have saved hundreds of thousands in costs, a similar amount in lost productivity and we …

"Had I had the guidance of an expert, with the experience I now have today, my company and our board would have saved hundreds of thousands in costs, a similar amount in lost productivity and we would have reduced our personal and corporate risk."

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  • Also SYSC 4.4.3  01/04/2009 A firm must take reasonable care to maintain a clear and appropriate apportionment of significant responsibilities among its directors and senior managers in such a way that: (1)  it is clear who has which of those responsibilities; and (2)  the business and affairs of the firm can be adequately monitored and controlled by the directors, relevant senior managers and governing body of the firm.
  • Use of the power to suspend firms or individuals by stopping them undertaking some or all of the activities which they are permitted to carry on for a period of time;Use of the power to impose financial penalties on individuals who have carried out controlled functions without the necessary approval from the FSA;Our policy on the use of the power to gather information in relation to financial stability from specified categories of both authorised and unauthorised persons to help identify potential threats to the UK financial market;
  • SYSC 4.3.1  01/04/2009 A 11, 2firm  when allocating functions internally, must ensure that senior personnel and, where appropriate, the supervisory function, are responsible for ensuring that the firm complies with its obligations under1 the regulatory system1. In particular, senior personnel and, where appropriate, the supervisory function must assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with the firm's obligations under1 the regulatory system1 and take appropriate measures to address any deficiencies. [Note: article 9(1) of the MiFID implementing Directive]

Transcript

  • 1. Protecting Senior management 2010
    Presented by Tony Woodward - Chartered FCSI
  • 2. Mindset
    ‘There are risks and costs to a programme of action but they are far less than the long-range risks and costs of comfortable inaction’
    -John F. Kennedy
  • 3. Regulatory Environment 2010
    FSA conduct Senior Management interviews
    Corporate Governance = 40% risk weighting with FSA
    Early Involvement in Product Design
    Focus on Orderly Markets
    ‘FSA bans three directors from senior management roles for life’
    28th July 2010
  • 4. Problems
    Senior Management see FSA actions as being against bad firms – not firms like theirs
    Senior Management see their compliance function as responsible for compliance
    Staff see compliance as a nuisance – limited or no buy-in
    FSA willassume you or your firm are guilty unless proven innocent
  • 5. Impact
    FSA can remove Senior Managers without explaining why
    • Loss of livelihood
    • 6. Ban from industry
    • 7. Fines individuals
    FSA can order Section 166 or scrutinise in public
    FSA can fine or close down firms
    ‘Be afraid…..
    be very, afraid’
    Geena Davis – The Fly 1986
  • 8. Your Firm - Good or Bad?
    ‘There is no try;
    you do
    or
    you don’t’
    -Yoda, Jedi Master
    & Philosopher
    Compliance Culture?
    Systems and Controls?
    TCF?
    Monitoring?
    Deep Board involvement?
  • 9. How it should be
    Board
    Does your firm work like this?
    Policy / Training
    Collate + Report
    Compliance Culture
    Monitor / Sample
    7
    Mentoring for Senior Management -tony@woodwarduk.com
  • 10. Make the Changes
    ‘Excellence is not a spectator sport. Everyone’s involved’
    -Jack Welch
    Embed a Compliance Culture
    Board driven compliance
    Inherent TCF
    Involve all staff to gain buy in
    Start today!
  • 11. How do I know?
    FSA Scrutiny:
    £500,000 to defend + Lost Productivity and Cost of Management Time
    Tony Woodward – Track record:
    CEO of City Firm 2000-2009
    Survived s.166 with no fines or sanctions against Directors or the Company
    Lectured to CISI on TCF Oct. 2008
  • 12. Tony Woodward
    Chartered Fellow of the Chartered Institute for Securities and Investment
    Advisor to two TISA committees – RDR and Wrap Platforms
    Director Dresdner Kleinwort Benson
    1982-1998
    CEOARjENT Limited 2000-2009
    Section 166 in 2008
    Lectured to CISI on TCF Oct. 2008
    com·ply/kəm*plī/Verb
    1. Act in accordance with a wish or command.
    2. Meet specified standards
  • 13. Stay Safe…..
    Protecting senior management by helping them get it right
    Tony Woodward
    tony@woodwarduk.com
    +44 (0) 20 7 520 9045
    http://uk.linkedin.com/in/adwoodward