In March 2016, the UK's Prudential Regulatory Authority [PRA] and Financial Conduct Authority [FCA] Certification Regime came into force. This will enhance the accountability of a significant number of individuals who are not part of the Senior Management Regime but who:
- Are material risk takers - I.e. have the potential to cause significant harm to a firm; and/or
- Could cause significant harm to consumers; and/or
- Are in customer-facing roles which are subject to qualification requirements.
All UK deposit-taking institutions are required, on recruitment and then annually, to assess and certify the fitness and propriety (including the competence, behaviour and personal characteristics) of these individuals. This is a difficult, complex and time-consuming task for institutions to undertake.
Building on our many years of experience of assessing individuals' professional competence, and working with our colleagues at the Chartered Institute for Securities and Investment (CISI), we are able to help firms assess and certify individuals' fitness and propriety using a standardised approach and methodology. Individuals meeting our requirements will be issued, on an annual basis, with a Certificate of Professionalism, certifying their competence, behaviour, fitness and propriety.
Individuals are expected to demonstrate their competence, behaviour, fitness and propriety by meeting, as a minimum, the following requirements:
- Professional Knowledge: individuals must hold a relevant professional banking qualification either awarded by or recognised by the Institute.
- Continuing Professional Development: individuals must complete, and provide evidence of a minimum of 35 hours per year of CPD which is applicable to their role, maintains and/or develops their relevant professional qualification, and contains a minimum of 5 hours of professional ethics education and development activities; and
- Commitment to Code of Professional Conduct: individuals must make a personal commitment to the expected values, attitudes and behaviours set out in the Chartered Banker Code of Professional Conduct and be a member in good standing of the Chartered Banker Institute.