In recent years a number of regulators, including in the UK, have focused increasingly on individual accountability. Regulated firms are being required to identify senior managers, allocate responsibilities to these senior managers, draw together responsibility maps for the firm, and ensure that senior managers (and in some cases a wider range of staff) are fit and proper for their roles and meet conduct rules established by the regulator.
Individual accountability is now a global concept and is becoming a regulatory focus area around the world - as, for example, in Australia (the Banking Executive Accountability Regime), Hong Kong (the Manager-in-Charge regime), Singapore (proposed guidelines on individual accountability and conduct), the UK (the Senior Managers and Certification Regime, which is being rolled out to all regulated firms), the US (the latest guidance on the management of business lines and risk management), and in the Financial Stability Board's work on governance and misconduct. More countries are likely to follow suit over the coming years.
Read our new report to find out more.