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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...

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