The new Senior Managers Regimes in practice
< return to all events
Lecture in association with the CSFI
It is now almost a year since the new Senior Managers Regimes for banking and insurance came into force. They were prompted by the Parliamentary Commission on Banking Standards which concluded in June 2013:
"Too many bankers, especially at the most senior levels, have operated in an environment with insufficient personal responsibility. Top bankers dodged accountability for failings on their watch by claiming ignorance or hiding behind collective decision-making. They then faced little realistic prospect of financial penalties or more serious sanctions commensurate with the severity of the failures with which they were associated."
What should banks and insurers be doing? Are the new rules well enough established for a "best practice" to exist? And how should firms be preparing for their next regulatory review?