Focus On Accountability Rules, Banking Body Urges Lenders

Law360, London (November 4, 2019, 3:06 PM GMT) -- Rules that aim to hold senior executives at banks in Britain accountable for the actions of their employees should be considered a starting point for the industry and not merely something to tick off a compliance checklist, an advisory group for the sector said Monday.

The Banking Standards Board — which provides support and scrutiny for the banking sector but is not a watchdog or lobby group — has issued guidance for banks and building societies on how to implement rules on accountability for executives and managers in the financial services sector.

The rules, known as the Senior Managers Certification Regime, should be...

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