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British Watchdog Sets New Accountability Standards

Aarti Maharaj | July 7, 2015

The U.K. Financial Conduct Authority has once again placed senior managers in the limelight. This time, however, senior managers will be the ones under heat if a firm engages in misconduct.

“We have given clarity on rules that will embed personal accountability into the culture of The City,” said Martin Wheatley, FCA chief executive, in a statement. “[The] new conduct rules will add further momentum to improving standards across the industry.”

The final rules covers three points: Senior Managers Regime (SMR); the Certification Regime; and the new Conduct Rules.

Under the SMR, the financial agency is encouraging top-level managers to provide a clear distribution of their responsibilities to key decision- makers, which will boost individual accountability through ongoing...

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