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Banks Push to Soften UK Accountability Rules

Banks Push to Soften UK Accountability Rules

by Starling Insights

Starling Insights Editorial Board

Feb 02, 2023


The British government is reportedly under pressure from banks to relax core parts of the Senior Managers and Certification Regime (SMCR) — post-Financial Crisis regulation designed to hold senior officials accountable for misconduct on their watch.

Among other changes, the banks are lobbying to eliminate requirements to certify senior officials, at least for those below the top-most ranks in the C-suite, as "fit and proper." Under the current rules, some new hires require vetting by the FCA and PRA, which slows down hiring substantially. "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.

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