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U.K. Regulators Seeking Greater Accountability From Banking Sector

Roberta Holland | July 30, 2014

Financial regulators in the United Kingdom are pushing for greater individual accountability from employees of banks and other financial institutions through two new proposed regimes.

The U.K.’s Prudential Regulatory Authority and Financial Conduct Authority issued a joint statement this week unveiling the plans for a new Senior Managers Regime and a Certification Regime. Officials said the proposals stem from recommendations by the Parliamentary Commission on Banking Standards, as well as changes called for in the Financial Services and Markets Act 2000 and the Financial Services/Banking Reform Act 2013.

The overarching goal is boosting accountability in the banking sector.

“The proposals in this consultation are intended to create a new framework to encourage individuals to take greater responsibility for their actions, and will make it easier for both firms and regulators...

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