Finance sector HR professionals must understand changing regulations

Finance sector HR professionals need to understand changing regulations and ensure staff are prepared to adapt.

Richard Cheeseman, Marketing Manager International at Halogen Software, explains: “Financial Services organisations need to understand the aims of the regulator and its response to society’s and politicians calls for a more proactive and interventionist regulatory approach. Firms need to be able to demonstrate not just compliance with rules and guidance but demonstrate that they do the right thing and implement good practice."

Cheeseman says that the changing competencies required in the sector, coupled with increased individual responsibility mean existing skills must be built-on by staff: “Increasingly the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are focused on personal accountability and the new Senior Persons Regime will be a key element of this approach. The need for those individuals covered by the new regimes to be competent for their roles will be highlighted and in many ways will build-on the existing training and competence requirements.”