The Senior Executive Accountability Regime (SEAR)
Knowing where to start preparing for SEAR is daunting. Let our compliance experts streamline the process for you.
SEAR has been introduced as a result of The Central Bank’s desire to increase focus on individual accountability throughout the financial services sector.
The legislation needed to implement the regime is expected in the near future, but who does it apply to, what are its key components and how can you prepare?
The Senior Executive Accountability Regime (SEAR) will mean changes for a firm’s internal governance and HR processes.
Who does the SEAR apply to?
- Credit institutions (but not credit unions)
- Insurance undertakings (excluding reinsurance undertakings)
- Investment firms which deal on own account or place instruments of firm commitment basis or are authorised to hold client money (or both)
- Third country branches of the above
What are the core components?
- Fitness and Probity
Firms will be responsible for assessing the fitness of certified persons. Annual certification will be required.
- Clear Responsibilities
Absolute clarity on what individuals are responsible for will be achieved through statements of responsibilities and management responsibility maps.
- Conduct Standards
New standards of conduct for all employees and enhanced standards for Senior Executive Functions (SEFs). Training requirement and Reporting requirement for breaches
How can we help?
- Design and implement SEAR and IAR systems and controls
- Provide guidance on any aspects of SEAR or IAR
- Continue to provide regulatory updates on SEAR/IAR developments
- Leverage our SEAR toolkit
- CPD training
- Conduct rules training
- External audit on firms SEAR systems and controls
- External competency assessments
Contact us today to find out how we can help you meet your SEAR obligations in a fast and effective way.
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Contact our Director, Jamie Cooke today for a free consultation.