Making Bankers Accountable - August 19, 2015

The Financial Conduct Authority and the Prudential Regulatory Authority have recently been showing signs of gearing up for the new regime which is intended to have the effect of making senior bankers and other financial services managers accountable for failings within their institutions. The intention, of course, is to avoid the kind of meltdown we all (apart perhaps from the bankers who had caused it) endured for some time after October 2008.

The Parliamentary Commission on Banking Standards (PCBS) reported in June 2013. It made some trenchant criticisms of banking standards and culture, and came up with a raft of measures designed to ensure that trust is restored in banking and that standards improve: "Reform across several fronts is badly needed", they said, adding that this had to be achieved "in ways that will endure when memories of recent crises and scandals fade".