01 May 2018
The Monetary Authority of Singapore (MAS) has published guidelines on proposed measures it expects financial institutions (FIs) to implement towards strengthening accountability and improving conduct within their top ranks.
MAS, which already has legislation similar to the United Kingdom’s senior management and certification regime, said the new proposals supplement its exiting framework.
The plans are not designed to be prescriptive and it is ultimately the responsibility of each FI to hold its senior managers accountable, MAS explained.
The watchdog will, however, monitor FIs’ progress in implementing the guidelines through its regular supervisory engagements.
The guidelines reinforce a number of FIs responsibilities, including identifying senior managers who are responsible for core roles and ensuring that they are ‘fit and proper’ for their positions, as well as implementing policies to ensure regular reporting of conduct issues to the board and senior management.
Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision), MAS, said “Persistent misconduct and a lack of individual accountability by persons in charge will erode public confidence in our FIs. We expect the boards and senior management of FIs to instil a strong culture of responsibility and ethical conduct.”
MAS Consultation Paper on Proposed Guidelines on Individual Accountability and Conduct
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