Response to FCA discussion paper on overall responsibility and the legal function
In September 2016 the Financial Conduct Authority (FCA) invited comments on its discussion paper: Overall responsibility and the legal function. The discussion paper focused on whether the legal function should remain within the Senior Managers Regime.
The Law Society believes the legal function should not be included in the Senior Managers Regime as this is likely to exert further pressure on Legal Professional Privilege and may lead to senior in-house lawyers being placed in positions of conflict with their employers.
This is a complex area and we argue in our response that a full consultation is necessary to ensure the best result for both the regulation of this area and the rule of law.