Financial accountability regime will not be fully operational until 2018

Discussion in 'Market News' started by Lily, Oct 15, 2015.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Top bosses at banks will be held to account from 2016 but government proposes to delay the law’s introduction to rest of financial services industry

    A new regime intended to make top bosses at banks more accountable for their actions will be extended to other parts of the financial services industry in 2018, according to a proposed law set out by the government.

    The senior managers and certification regime – which puts the onus on top bosses to take responsibility for their actions – is being introduced for banks, building societies, credit unions and some investment firms from March 2016. It was one of the ideas from the parliamentary commission on banking standards, chaired by Conservative MP Andrew Tyrie and set up in the wake of Barclays’ £290m fine in 2012 for rigging Libor.

    Related: Traders could be held to account by City watchdog

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