New Telegraph

Report: Banks demand deep changes to UK’s accountability rules

Banks are pushing the British government to relax core parts of post-financial crisis rules designed to hold bosses to account for misconduct on their watch, in order to make hiring easier, two industry sources told Reuters. Britain’s Conservative government has said it will rework the 7-year old Senior Managers and Certification Regime to help boost the City of London’s global appeal after Brexit. Financial firms are preparing a case for scrapping the FCA Register, which lists all approved finance workers, one of the sources said, ahead of a forthcoming consultation which City Minister Andrew Griffith has said is expected within weeks. Banks also want the government to ditch a requirement to certify senior officials below the top ranks such as CEO and CFO as “fit and proper” to hold roles, this source said. Some hires need vetting by the Financial Conduct Authority (FCA) and the Bank of England (BoE). “It is the right time for government and regulators to review the regime,” said Simon Hills, director of prudential regulation at bank lobby group UK Finance. The demands, which have been flagged in informal exchanges in recent months, represent the cornerstone of the industry’s likely formal feedback to the pending government consultation.

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