LM2 - C11 - main methods of resolving complaints
11.1 The FCA and PRA Regulation of individuals within firms.
Senior Managers and Certification Regime (SM&CR)
Applicable to both insurers and brokers.
Purpose:
- Encourage staff to take responsibility
- Improve conduct
Senior manager - MUST prevent regulatory breach!!!
Senior manager regime
Within organisation: Senior management functions (SMFs) follow rules made by FCA & PRA
statement of responsibilities should be prepared for each senior manager
Certification Regime
apply to individuals who are not carrying out SMFs, but whose roles have been deemed capable of causing significant harm to the firm or its customers by the regulators.
Rules of conduct (FOUNDATION of Good Practice)
Other behaviours to adhere
Acting with Integrity:
- Misleading
- "Approve Person" suitable of product for customer
- Preparing inaccurate or inappropriate records or returns
- Use of information
