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GCs to be personally regulated by the FCA

It's not if? Or when?

Last week Bruce Macmillan spoke alongside Marcus Bonnell (RPC FCA Regulatory expert) at a seminar hosted by RPC on the Regulation of GC's.

The concluding thoughts of the seminar were….
"GCs to be personally regulated by the FCA…It's not if? Or when? It's probably next Q3 and simply a question of the degree to which you will be personally regulated: Conduct? Certify? Or full SMR? 
So have you worked out what you need to put into your department budget and resource submissions for next financial year so that you and your team can demonstrably do what is needed to comply and you will not personally get into trouble with the PRA?" 
Feedback from general counsel attendees suggests that it was more than just a useful update on what is likely to follow.
"This was a really useful and thought provoking session. The insights into how the FCA may view their ability to regulate GCs under the SMR and the interplay between the conduct rules, the SMR and privilege were fascinating and worrying in equal measure"
"A very useful and timely reminder of the implications of recent regulatory changes which have a substantive impact on the GC and wider legal department role. The combination of Marcus Bonnell's FCA and regulatory expertise and Bruce Macmillan's in house experience produced some excellent insight and practical tips for  GC's".
If you would like to attend a follow up briefing or even to have a personal briefing, "health check" on your level of preparedness, or help to build a road map to compliance then please get in touch.  This will affect you so it is important to ensure that you are well prepared.