FCA discussion paper - overall responsibility and the legal function

In September 2016, the Financial Conduct Authority (FCA) issued a discussion paper - DP16/4 'Overall responsibility and the legal function'. This sought to explore how the legal function is captured under the Senior Manager and Certification Regime and whether it should continue to be part of that regime.

Following consultation with a group of in-house solicitors from various financial institutions, the Society submitted a response to the FCA's paper. This focussed on:

• The effect inclusion of the legal function may have on an in-house solicitor's ability to provide full and independent advice. In particular, there is concern about possible erosion of client confidentiality and legal professional privilege; and
• Creation of a potential conflict between a solicitor’s professional obligations, as prescribed by the Society, and any further obligations created by the FCA regime.

Our full response is available on our website.

If there are any issues facing your sector or your role as an in-house solicitor, please contact Beth Anderson who will be happy to discuss how the Society can support you.