Some banks in UK skirting new accountability rules – regulator
28 Sep 2016

Some banks are fudging which staff are ultimately responsible for decisions, contravening a new regime designed to make it easier to apportion blame if something goes wrong, Britain’s top market regulator said on Wednesday.

The senior managers regime (SMR) was introduced in March to replace a previous system that lawmakers had criticised as giving only illusory control over individuals with little prospect of enforcement action.

The SMR includes a so-called certification regime, where banks certify each year as to the “fitness and propriety” of staff who are not senior managers but who are “material risk-takers”, or employees whose decisions could harm the company.

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