UK regulators propose easing City accountability rules
The proposed changes would free about 140,000 managers from additional checks.
The Bank of England and Financial Conduct Authority proposed reducing reporting requirements for lower-level misconduct and limiting enhanced fitness checks to the most senior executives. The regulators said the changes would reduce compliance costs while maintaining high standards of individual accountability.
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The Bank of England and Financial Conduct Authority proposed reducing reporting requirements for lower-level misconduct.
“include a reduction in reporting for “lower-level misconduct””
- 140,000people
The proposed changes would free about 140,000 managers from additional checks.
“free 140,000 managers from extra checks”
The proposals would require annual and pre-appointment fitness checks only for the most senior executives, such as chief executives and chief financial officers.
“only the most senior executives – such as chief executives and chief financial officers – to be forced to prove they are “fit and proper” each year, and before taking new jobs”