Top Bankers Are on Hook as U.K. Conduct Rules Get Personal
- Reforms make senior managers accountable when things go wrong
- RBS says new rules may make it harder to hire top candidates
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Starting Monday, U.K. regulators’ efforts to crack down on misconduct in the City of London will get personal.
The Senior Managers and Certification Regime is intended to make people working in financial services, from banks to payday lenders and investment firms, directly accountable for misconduct that occurs on their watch. Firms have to spell out to regulators the responsibilities of each senior manager along with a blueprint that shows how their areas intersect. Top employees must be pre-approved by regulators.