Worksmart, the provider of market leading software to financial services companies has launched a new white paper to help banks prepare for the upcoming Individual Accountability Regime (IAR) legislation.
The report covers all aspects of the new legislation, which will include two separate regimes: the Senior Management Regime for those in charge of running the bank, and the Certification Regime, which will cover all staff who could potentially have contact with a customer. Under the IAR, those in management positions could potentially face jail if a junior employee in their team is found to have acted improperly.
Worksmart’s white paper covers all the key areas that those in charge of banks will have to consider under the new legislation, including registering new and existing staff, as well as creating a responsibility map, which will give an oversight of who is accountable for which activities under the new legislation.
Now that the final rules have been published, banks have until March 2016 to make sure they are ready for the new legislation.
Colin Fox, CEO, Worksmart said: “The introduction of the Individual Accountability Regime will bring big changes in terms of how banks are managed and who is responsible for what. In addition, those who are in charge of banks will now be accountable for the all the actions of their staff and could potentially face prison if staff breach the rules.
“This legislation will affect nearly all staff at a bank, from the very newest employees to those in charge of deciding strategy. Managing oversight of these new rules is likely to be a complex and lengthy procedure but getting the right system in place for SMR will make line of sight easier to achieve when the certification regime comes into play. Our white paper gives clear guidance on exactly what is required under the legislation.”