Analysis

No Escaping Accountability For City Chiefs As UK Widens Net

By Mark Taylor (July 26, 2017, 7:51 PM BST) -- The weight of individual accountability will soon cover the entire British financial landscape after authorities revealed plans Wednesday to expand the management conduct regime to all 56,000 firms under their watch, prompting attorneys to warn of a new era of enhanced compliance.

The Senior Managers and Certification Regime, or SMCR, a code of conduct that puts accountability for failings squarely on the head of designated staff, is currently applicable to only the largest names in banking and insurance.

But the Financial Conduct Authority, Britain's financial watchdog, and bank and insurance regulator the Prudential Regulation Authority on Wednesday announced the regime will...

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