Part II Financial Services Regulation, 8 Individual Accountability

Abstract

This chapter examines the individual accountability regime for the UK's banking sector. It begins with an overview of the individual accountability regime as well as its key aspects, focusing on the Independent Commission on Banking and the Parliamentary Commission on Banking Standards. It then considers the Financial Services (Banking Reform) Act 2013 and the Senior Managers' Regime, along with the financial institutions within scope of the Senior Managers' Regime. It also describes the rules of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) concerning the Senior Managers' Regime, and more specifically the Allocation of Responsibilities, senior management functions, applications and notifications with respect to the Regime, and fitness and propriety. Finally, it looks at the Certification Regime, UK branches of overseas banks, and extension of the Senior Managers' Regime to all other financial services firms.