UK Watchdog Drops GCs From Manager Accountability Plan

Law360 (January 23, 2019, 4:17 PM EST) -- The U.K.'s Financial Conduct Authority said Wednesday that it had dropped plans to hold the heads of legal departments at banks and insurance firms responsible for ignoring misconduct, saying the proposed rule would hamper lawyers from giving independent legal advice. 

The financial services watchdog said it would propose excluding general counsels from a new accountability regime investigating senior managers in light of their firms' failings when something goes wrong. 

The regulator announced the change in a 115-page consultation paper released Wednesday, saying it had received considerable pushback on the proposal from commentators concerned that lawyers would think first whether offering advice...

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