Senior Managers Regime

Managing a business is not an easy task. There are many things to do such as keeping the finances in order and being careful not to slide into credit card debt. It is also important to follow the rules and regulations of business, especially when it comes to senior managers regime. Senior managers regime is part of UK financial regulation that focuses on increasing personal accountability of senior people in the financial services industry.

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Why it is important to follow state and local laws?

It is important to follow the guidelines that apply to your business so that you comply with the law. Should any of these guidelines be broken, you may be liable if one of your employees contacts the authorities. Another reason to follow state and local laws is to keep your workers and customers from being hurt. Most importantly, the productivity of your business may increase because your workforce is more stable and your employees are not in the emergency room or doctor's office.

Customers see a positive image of your business

If your employees understand and follow the guidelines of your business, your customers will look at your business in a more favorable light. For example, enforcing a dress code may upset some employees but the clothes they wear may offer a perception of your business that is favorable and productive. Your company's credibility and reputation takes time to build and when an employee violates your company's policies, the public may view your business as no longer being trustworthy and reliable.

What is the senior managers regime and how does it work?

The managers regime is a part of a UK financial regulation that focuses on increasing the personal accountability of senior people in the financial services industry. This regime began in March 2016 and includes domestic and international firms with UK operations. There are two regulators to the financial services industry, the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).

Why is it important to follow rules and regulations?

The importance of following rules and regulations may sound stuffy and unnecessary but they are necessary because they protect you and your employees. Perhaps the most important reason for following rules and regulations is to keep your clients, co-workers and customers safe. In addition, some rules protect more than the physical aspect of being human, they also protect the rights of your employees. For example, if employers neglect to follow sexual harassment regulations, your job as a manager could be terminated. Or if an employee uses foul language or argues with customers, one's career could be in jeopardy.

To conclude, rules and regulations in business is important. Find out more about this topic and senior managers regime.