Carney: conduct risk failings could spark capital add-ons
Senior Managers Regime is helping BoE identify cultural weaknesses at individual firms, says governor
Tough new conduct risk rules are making it easier for UK regulators to spot evidence of cultural failings at banks, with repeat offenders likely to see their operational risk capital requirements hiked, the governor of the Bank of England, Mark Carney, has warned.
The Senior Managers Regime – which came into force for banks and prudentially regulated firms last year, and which is due to be expanded to include virtually all firms regulated by the Financial Conduct Authority next year – requires
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