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ARTICLE · 26 AUGUST 2016

Accountability For The Reckless Banker…Finally!

MacRoberts
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Significant changes in the regulation of financial services were enforced by The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) earlier this year that placed increased personal responsibility on senior management.

United KingdomFinance and Banking
Alasdair Irvine
Alasdair Irvine
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Significant changes in the regulation of financial services were enforced by The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) earlier this year that placed increased personal responsibility on senior management. The 'Senior Managers and Certification Regime' (SMCR) replaced the preceding 'Approved Persons Regime' and has introduced new conduct rules in an approach by the regulators to harden accountability and compliance within the financial sector.

The introduction of the SMCR was based on a report produced by the Parliamentary Commission for Banking Standards in June 2013, which set out recommendations on how to improve professional standards and culture in the UK banking industry following a series of high profile industry exploitations such as the PPI and Libor rigging scandals.

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