UK regulators plan to "hold individuals to account"
The FCA and PRA are toughening up their approved persons regime for senior execs, risk managers and traders
Regulation is getting personal at the UK's Financial Conduct Authority (FCA). Confirming recent claims from bankers, the supervisor says it is toughening up its regime for so-called significant influence functions (Sifs), meaning senior executives, risk managers and traders wearing that badge will face increased liability.
"We will be placing greater emphasis on individual accountability for meeting our standards and we will be more prepared to hold individuals to account when things go wrong"
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