Singapore Senior Manager Personal Accountability Regime Launched

In a continuing effort to improve conduct, integrity and public confidence in financial and insurance markets, the Monetary Authority of Singapore (MAS) recently announced the Individual Accountability and Conduct Guidelines (the Guidelines).

While they establish a total of five outcomes that have to be achieved, arguably the most conspicuous is that senior managers will become personally accountable for the conduct of business and the actions of employees in their area of responsibility.

All affected institutions have until 10 September 2021 to achieve the five outcomes. It would be prudent not to delay the extensive work involved addressing the far-reaching implications of the Guidelines, which will have consequences at all levels of the organisation.