Worksmart have issued a new white paper to help prepare financial institutions for the implementation of the Individual Accountability Regime.

The firm, which provides market leading software to financial services companies, has launched the paper help banks prepare for the upcoming Individual Accountability Regime, which involves tighter regulation of the staffing at banks.

The paper offers help and advice on all the key areas that the Senior Management of banks will have to consider under the new legislation. This includes registering new and existing staff and creating a responsibility map, which will give an oversight of who is accountable for which activities under the new legislation. The final rules of the regime have now been published and banks have until March 2016 to make sure they are ready for the new legislation.

Colin Fox, the Chief Executive Officer at Worksmart, made it clear that this new white paper would be vital for banks to ensure they have met the terms of the new legislation.

‘The introduction of the Individual Accountability Regime will bring big changes in terms of how banks are managed and who is responsible for what.  In addition, those who are in charge of banks will now be accountable for the all the actions of their staff and could potentially face prison if staff breach the rules.

This legislation will affect nearly all staff at a bank, from the very newest employees to those in charge of deciding strategy. Managing oversight of these new rules is likely to be a complex and lengthy procedure but getting the right system in place for SMR will make line of sight easier to achieve when the certification regime comes into play.  Our white paper gives clear guidance on exactly what is required under the legislation.’