Accountability in banking: a new regulatory framework
The Financial Conduct Authority (FCA) has set out a proposed new regime aimed at improving accountability for decision-making in banks, building societies, credit unions and some investment firms.
According to the regulator, the proposals will affect a large number of individuals within banks including, but not limited to, all their existing approved persons. The action comes in response to the banking scandals of the last few years, when issues of individual accountability were often unclear or confused under current rules.
The new regime should come into force by 7th March 2016 and final rules should be drawn up in the spring/summer 2015 so as to give firms as much time as possible to prepare for the changes.