Senior Bankers to be Personally Responsible

Senior Bankers to be Personally Responsible.

We have always campaigned to make bankers accountable.

Today, the finance industry regulator, the Financial Conduct Authority (FCA) has published rules that will be effective from March 2017 making senior bankers and building society employees and indeed other employees of Prudential Regulation Authority (PRA) regulated firms to be individually accountable for their actions.

What this means is that the days of bankers conducting "high consumer detriment" activities and other higher risk stock trading activities are now numbered. So-called "wholesale" activities will now be monitored closely with the introduction of all calls being recorded as well as individuals be personally accountable within their firm.

Comment

We are delighted that bankers, at last, will be personally accountable with things of the past such as LIBOR interest rate fixing and high-risk derivatives trading that caused the collapse of a number of banks over the last few years with millions paid in compensation should now be a thing of the past.