FCA spotlight on governance and culture issues
Governance and Culture
With the Financial Conduct Authority (FCA) shining an increasingly fierce spotlight on issues of governance and culture, there’s a growing awareness among UK regulated businesses of the need to address what has often previously been a neglected area.
A robust governance framework allows information to flow freely up and down your organisation. It helps senior managers keep their fingers on the pulse, fosters a positive shared culture, and helps you satisfy the stringent requirements of the Senior Managers and Certification Regime (SM&CR).
From a regulatory perspective, the FCA’s Principles for Businesses, SYSC and the SM&CR all require firms to implement – and evidence – appropriate controls around governance and culture. The regulator’s focus on the concepts of conduct risk and treating customers fairly puts the onus squarely on firms to adopt responsible strategies supported by fair and balanced decision-making.
And yet, despite all this, many firms still lack adequate governance frameworks.
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At LS Consultancy, we provide a range of expert consultancy services around governance and culture. We help businesses of all types and sizes meet their regulatory obligations and reap the benefits of instilling robust governance frameworks.
We can help you take a step back and form an objective view of your structures, roles, and responsibilities. We’ll help you better understand the flow of information within your business, where it needs to come from, and who it needs to be shared with. We’ll help you develop a manageable governance framework supported by proportionate reporting provisions.
Based on our extensive experience of working with firms on governance and culture issues, we’ve developed a suite of documents we can use to help you develop a governance framework that supports both the ongoing success of your business and your regulatory obligations. These include conduct risk policies, board agendas, committee structures, terms of reference, and MI monitoring plans.
For more information about how we can help your business implement a governance framework that helps you operate more efficiently, effectively and compliantly, call 020 8087 2377 to speak to a member of our team or email us.