Lawyers say Senior managers can use Davis report against FCA charges and attestations – 11th Dec 2014

Senior managers can use the Davis report to help defend themselves against charges by the Financial Conduct Authority (FCA) and to negotiate attestations, a law firm has argued. The report could work as a strategic weapon for senior managers, said Ashurst. “The FCA has taken a tough line on senior management responsibility, so it is no surprise it has, somewhat, been scrutinised to see if it has lived up to its own standards. Those who defend firms and individuals against senior management charges are likely to use this report to their advantage as a result,” said Rob Moulton, partner at Ashurst. Moulton said since the FCA was a regulator and needed to maintain its credibility, it could not take risks in the way that the firms it regulates or its political masters can.

 

Alex Davidson, Compliance Complete