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Banks call for significant changes to UK’s accountability laws

In order to make hiring simpler, banks are urging the British government to relax key provisions of post-financial crisis regulations intended to hold managers accountable for misconduct that occurs under their watch, according to two industry sources who spoke to Reuters.

 

The 7-year-old Senior Managers and Certification Regime will be revised, according to the British Conservative government, to help the City of London gain more international recognition after Brexit.

 

In advance of a consultation that City Minister Andrew Griffith has said is anticipated within weeks, financial firms are preparing a case for eliminating the FCA Register, which contains a list of all approved finance workers.

 

According to this source, banks also want the government to get rid of the requirement to accredit senior employees below the top ranks, such as the CEO and CFO, as ‘fit and proper’ to hold positions.

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