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ARTICLE · 25 SEPTEMBER 2013

Regulatory Attestations | Five Key Factors To Consider When Providing An Attestation

Deloitte
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Across the UK financial services sector we are increasingly seeing instances of CEOs, chairmen, Boards and other senior executives being required to provide written attestations to the Financial Conduct Authority.

United KingdomFinance and Banking
Nikki Lovejoy
Nikki Lovejoy
Cindy Chan
Cindy Chan
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Across the UK financial services sector we are increasingly seeing instances of CEOs, chairmen, Boards and other senior executives being required to provide written attestations to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) on areas of regulatory focus and specific supervisory actions. The use of attestations demonstrates an intention on the part of the regulators to achieve credible deterrence by holding senior management individually and/or collectively accountable for regulatory issues.

"Attestations evolved from our greater emphasis on personal accountability. We find that when we ask for them it focuses the mind not only of the individuals but of the firm" – Clive Adamson, FCA Director of Supervision, May 2013

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