The new regime for individual responsibility at banks and major broker dealers creates new responsibilities and significant new areas of regulatory and litigation risk. The Working Group will cover the following hugely topical areas:
The overall architecture and likely impact of the new regime
Best practice for firms in establishing new systems and controls
Senior managers – how they will be affected
Documenting responsibilities – what to state and what to avoid
Reversal of burden of proof – practical steps to safeguard against the new risks
Certified and conduct staff – the duties, the oversight and the training
The impact on employment rights – what it is and how best to manage
Some golden rules – 10 do’s and don’ts to satisfy the regulators and still protect your firm and its staff
The mis-selling of interest-rate hedging products: the mis-sale and the failures in the FCA Redress Scheme. Lessons to be learnt.
Legal challenges to decisions in the Redress Scheme – Judicial Review proceedings against the Skilled Persons (first stage permission decision in Holmcroft Properties vs. KPMG and Barclays) and the potential liability of banks and the banks’ advisors arising from their conduct of the Redress Scheme (Suremime vs. Barclays)
Consequential losses - foreseeability and causation within the Redress Scheme
An update on the latest derivative cases being brought against financial institutions in the UK by UK Corporates: trends, key factors in the cases, types of transactions
LIBOR Manipulation, ISDAfix and FX Manipulation – the effect on litigation
Multiple jurisdictions and multiple timetables: where are your potential claimants and what claims are they likely to be brought against your organisation? What do different regulators require in respect of statements of historic conduct?
Public statements to a national regulator in one jurisdiction: What claims could be arising in another jurisdiction?
Responding to the increasing level of cooperation between national enforcement agencies, regulatory watchdogs and prosecutors from different countries
Assessing the cumulative impact of multiple regulatory changes on your balance sheet; the supporting business and operating models
The importance of integrating stress testing methods into board-room level decision making
Implementing large scale change programmes to create synergies between regulatory compliance, risk and finance functions to respond more effectively to the global and national regulatory change
Information sharing and difference in privilege rules across jurisdictions