Banks Call For Improvements To UK Accountability Rules

Law360, London (September 10, 2019, 3:35 PM BST) -- British banks have urged financial regulators to improve aspects of the U.K.’s three-year-old accountability rules, according to a report published Tuesday, which found that senior managers in the sector have shown a “serious commitment” to improving culture in their firms.

A report published by industry group UK Finance and law firm Ashurst LLP called on the Financial Conduct Authority and Prudential Regulation Authority to implement changes to the Senior Managers and Certification Regime, or SMCR. The rules, which came into force in March 2016, increase individual accountability among senior staff, making them responsible for employees and activities under their control....

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