FCA Senior Management Consultation – Information Technology is a certifiable function!

Posted on Posted in Regulation

In the Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms consultation the FCA has a concept of Significant Management Certifiable Functions for important functions that do not have a dedicated Senior Manager.

This proposed rule is that there is a chain of responsibility from the function to the Senior Manager that must be clear and explicit.

If we look at the definition of what a Certification Function is, the FCA makes clear IT & other Back Office functions are included in their definition.

It is heartening that the FCA are taking IT more seriously as a function that needs to be regulated in order for a Firm to be compliant.