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U.K. Watchdog to Hold Senior Managers Accountable

Aarti Maharaj | March 16, 2015

The U.K. Financial Conduct Authority (FCA) will roll out two new frameworks “Senior Managers Regime” (SMR) and “Certification Regime” which provides more guidance around its plans to promote greater transparency in the banking sector.

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 assessments by the firm and regulators, says FCA.

The regulator is requiring that senior managers who are “capable of causing significant harm” to a financial institution and its stakeholders be annually assessed and certified according to the watchdog’s guidelines. To complement the SMR, the Certification Regime gives firms full responsibility to regularly-assess and certify key employees who can “risk the integrity of financial markets.”

“How a firm conducts its business and treats its customers must be at the heart of...

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