Why Does the Buck Stop with Senior Management?

Speech by David Kenmir, Managing Director – Regulatory Services, FSA.

Training & Competence Conference Senior Management Responsibilities.

Introduction of his speech:

I. Preamble

I am speaking to you today as a senior manager of a very complex organisation, whose remit extends from large investment and retail banks and insurance companies to much smaller entities. One of the key themes of today is that, in basic framework terms, the requirements are the same. However, the issues facing JP Morgan, for example, are clearly different from those facing a sole trader. The responses that firms need to put in place are those that are appropriate to them and to their business; there are no ‘one size fits all’ solutions in this area.

Followed by:

II. Agenda

I would like to set out:

The legal framework within which this whole regime is founded.

The framework in the handbook.

Some of the philosophical points behind the regime.

The role of the Financial Services Skills Council.

See full Speech