Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

New U.K. rules broaden accountability of senior managers

Jaclyn Jaeger | July 18, 2018

Britain’s financial services industry is bracing for new rules that will significantly broaden the scope of senior executives who will be personally held to account to U.K. regulators for failures that occur under their watch.

Since March 2016, a subset of U.K. firms—U.K. banks, the U.K. branches of foreign banks, building societies, credit unions, and dual-regulated investment firms (those regulated by both the Financial Conduct Authority and Prudential Regulation Authority)—have had to meet the stringent requirements of the FCA’s Senior Managers and Certification Regime.

On July 4, 2018, following three years of consultation on what the rules should look like and how they should be applied, the FCA published 412 pages of what it called “near-final rules” for how it plans to extend those same principles of responsibility and accountability to the remainder of FCA-regulated firms. No major revisions...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.