Tag archives: regulatory requirements

UK Pensions Regulator: a new rule-making ability?

On 16 May 2019, the Department for Work and Pensions (DWP) published a periodic, government-conducted review which examines the continuing need, efficiency and good governance of the Pensions Regulator (TPR). This tailored review was conducted between August and November 2018 and led by Jamey Johnson, the former Chief Officer for Pension Wise (which is now part of the Money and Pensions Service).

One of the review’s principal conclusions is that TPR’s current form remains the most appropriate for its functions, and rejects the idea of merger with the Financial Conduct Authority (FCA). As the two bodies regulate markets with … Continue Reading

Employment Law and Financial Institutions

In the financial sector, in addition to individual employment contracts, working conditions can be subject to various industry related statutes and regulations, collective bargaining agreements and works agreements.

Laws and regulations

As a reaction to the global financial crisis, the participants of the 2008 G20 summit in Washington, including Germany, agreed on the establishment and implementation of global standards of regulation, cross-border supervision and management to avoid conflicts of interest and to create an early warning system to avoid a repetition of the financial crisis.

In response to this resolution, the Financial Stability Board (FSB) published principles for sound compensation … Continue Reading

Regulatory References – Employer’s obligations

On 28 September 2016 the Financial Conduct Authority (FCA) published final rules on regulatory references. The purpose of the rules is to support the FCA objectives of “consumer protection and market integrity by providing firms with effective tools to better assess individuals fitness and propriety and ensure individuals take greater responsibility for their own conduct.”

The obligation is on banks and insurers to request a reference from all previous employers over the last six years for individuals applying for a senior management function or senior insurance management function within the Senior Managers Regime or Senior Insurance Managers Regime, a significant … Continue Reading

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