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U.K. Financial Regulator Boosting Individual Accountability, Audit Rules

Roberta Holland | March 4, 2015

A United Kingdom financial regulator last week laid out plans to better hold senior managers accountable for compliance lapses while at the same time pitching new rules and penalties for external auditors and actuaries.

The U.K.’s Prudential Regulation Authority released its plans to hold individual senior managers of banks, investment firms, and building societies accountable when the institution breaches regulatory requirements and the senior manager responsible for the non-compliant area cannot show they took “reasonable steps” to prevent or avoid the breach, the PRA said. The PRA and its tandem regulator the Financial Conduct Authority were granted the authority to sanction individual managers by the Banking Reform Act of 2013.

In addition to sanctions for compliance lapses, senior managers also face the possibility of criminal charges if it can be shown they made reckless decisions...

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