FSA outlines new corporate governance approach

Published on

The FSA has issued a Consultation Paper (CP) on effective governance standards within firms.

As part of its supervisory enhancement programme, the regulator now says it places greater emphasis on the role of senior management at firms. Since adopting this approach in 2008, the FSA has carried out 332 significant influence functions (SIF) interviews, with 25 candidates withdrawing from the process.

The FSA has issued a number of publications in this area, including a ‘Dear CEO’ letter in October 2009, which clarified its approach to approving and supervising persons performing SIFs. This FSA says that while this CP explains this more intensive process in greater detail, the intention is not to deter strong candidates from pursuing senior roles in firms.

Graeme Ashley-Fenn, FSA’s director of permissions, decisions and reporting, said: “Our more intrusive approach continues to place a great deal of emphasis on governance and therefore the senior management at firms. This starts with a firm’s own due diligence. Our experience shows that once a firm gets its corporate governance right with a strong and effective board

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

SortRefer posts record-breaking July as broker demand surges

SortRefer, the Derby-based conveyancing and legal services platform, has reported its strongest month on...

Mortgage lenders under fire as rates lag behind interest rate cuts

Mortgage holders are paying over £1,000 a year more than they should be according...

Average English homebuyer to gain £41k in borrowing power

Homebuyers across England are set to benefit from a substantial increase in purchasing power,...

Somo revives summer offer with valuation discounts and free beer for brokers

Specialist lender Somo has announced the return of its August promotion, offering 90% off...

Property and finance sectors dominate shortlist for 2025 Social Mobility Awards

Firms from the property and financial services sectors have secured a prominent place on...

Latest publication

Latest opinions

Take off the rose-tinted glasses and stop chasing a rate cut

Every six weeks the financial world raises its eyebrows at the prospect of a...

Job cuts to inflation shock: preparing for a mortgage arrears crisis

The latest data on jobs paints a picture of a rapidly weakening labour market. The...

URGENT! AI Is coming for you. Or maybe not…

I’ll try to make this as straight to the point as I can. The...

Mind the gap: Can mortgage advice change the game for protection?

Many industry insiders still talk about the UK protection gap and how vast it...

Other news

SortRefer posts record-breaking July as broker demand surges

SortRefer, the Derby-based conveyancing and legal services platform, has reported its strongest month on...

Mortgage lenders under fire as rates lag behind interest rate cuts

Mortgage holders are paying over £1,000 a year more than they should be according...

Average English homebuyer to gain £41k in borrowing power

Homebuyers across England are set to benefit from a substantial increase in purchasing power,...