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E2W Workshop: E2W Workshop: Lesley Kumar - Culture and Conduct in Financial Services
16 Feb 2021
18:00pm - 19:00pm

E2W Workshop: E2W Workshop: Lesley Kumar - Culture and Conduct in Financial Services

From your PC, laptop or phone Tuesday16th February at 6PM

E2W Workshops are created to help build our member's knowledge and interests on topics that are relatable to Financial Services. We are pleased to be presenting an informative session around personal development. 

Culture and conduct  in financial services is widely accepted as a key root cause of the major conduct failings that have occurred within the industry in recent history.

In 2015 the FCA launched their 5 Conduct Questions which listed the 5 questions that firms should continually be asking themselves in order to establish and maintain a strong organisational approach to Conduct Risk:

  1. What proactive steps do you take as a firm to identify the conduct risks inherent within your business?
  2. How do you encourage individuals who work in front, middle, back office, control and support functions to feel and be responsible for managing the conduct of their business?
  3. What support (broadly defined) does the firm put in place to enable those who work for it to improve the conduct of their business or function?
  4. How does the Board and ExCo (or appropriate senior management) gain oversight of the conduct of business within their organisation and, equally importantly, how does the Board or ExCo consider the conduct implications of the strategic decisions that they make?
  5. Has the firm assessed whether there are any other activities that it undertakes that could undermine strategies put in place to improve conduct?

Since 2015, FCA have regularly reviewed and provided feedback on their observations regarding what they deem as good and bad practices. Their latest feedback in September 2020 concluded that the identification of conduct risk remains weak. They have also stated that whilst there has been an improvement in the training provided, firm’s had no way of measuring the effectiveness of that training.

About Lesley Kumar

Lesley Kumar is a founding partner of Insight Regulatory LLP focusing on Governance, Compliance and Conduct issues. Her career in compliance has included senior roles at SEB, Société Générale, and 17 years at Bank of America Merrill Lynch most recently as Head of EMEA Compliance. Her coverage included the full spectrum of wholesale investment banking products including equities, derivatives, credit, FX, prime brokerage, financing, credit, capital markets and corporate finance. Additionally, she held the prescribed responsibilities for Global Financial Crime Compliance including AML, economic sanctions and market abuse. Her experience as both a Senior Manager and Approved Person, as the registered SMF16 and CF10 under the UK regulatory regime, has given her an invaluable insight into the expectations of the FCA and PRA (and other major UK, US, EU and emerging market regulators) making her perfectly placed to advise regulated firms and individuals. Lesley is also a qualified barrister, having been called to the Bar of England & Wales in 1991.

Please follow the link below on Tuesday 16th February at 6P,.

Meeting ID: 886 0387 0681
Passcode: 979001

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