UK to relax post-2008 rules that hold City bosses accountable for wrongdoing
Source: The Guardian ·
Regulators say removing ‘unnecessary burdens’ will save businesses about £2bn over 10 yearsThe UK is watering down rules introduced in the aftermath of the financial crisis that were designed to hold City bosses accountable for wrongdoing.The plans, put forward by the financial industry’s two top regulators, the Bank of England and the Financial Conduct Authority (FCA), include a reduction in…
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The UK is watering down rules introduced in the aftermath of the financial crisis that were designed to hold City bosses accountable for wrongdoing. The plans, put forward by the financial industry’s two top regulators, the Bank of England and the Financial Conduct Authority (FCA), include a reduction in reporting for “lower-level misconduct” and would also free 140,000 managers from extra checks. The proposals were announced as regulators hosted a dinner for City executives at the Mansion House in central London. They are meant to“significantly” reduce the number of roles that will be required to undergo enhanced checks and would require only the most senior executives – such as chief executives and chief financial officers – to be forced to prove they are “fit and proper” each year, and before taking new jobs. This will free about 140,000 staff from having to illustrate they are operating with “integrity” and following regulators’ conduct rules. It would be a watering down of…