UK: Senior Managers, certification and conduct rules: a new regulatory framework for individuals in banking

The final report of the Parliamentary Committee on Banking Standards criticised not just the “firewall of accountability” around senior individuals within banks but also the regime designed to regulate them.   The joint Consultation Paper “Strengthening accountability in banking: a new regulatory framework for individuals” (FCA CP14/13/PRA CP14/14) sets out the Regulators’ proposals for new rules governing … Read more

UK: Banking Standards Review

Sir Richard Lambert has today published a report with his recommendations on plans for a professional body, to be known as the Banking Standards Review Council (BSRC), to contribute to a continuous improvement in the behaviour and competence of all banks and building societies doing business in the UK.    This report seeks to address various challenges … Read more

UK: reviewing the fairness, transparency, speed and efficiency of enforcement decision-making processes at the FCA and the PRA

The Chancellor has launched a review of the fairness, transparency, speed and efficiency of the enforcement decision-making at the financial services regulators, as part of the government’s focus on strengthening accountability in the financial services industry.  A call for evidence to be submitted by 4 July 2014 was issued yesterday, with a view to the production … Read more

Report of the Parliamentary Commission on Banking Standards: “Changing banking for good”

On 19 June, the Parliamentary Commission on Banking Standards (Commission) published its Final Report entitled “Changing banking for good”.  The report identifies various reforms the Commission considers necessary to improve standards across the banking industry.  The recommendations cover several areas including: making senior bankers personally responsible, reforming bank governance, creating better functioning and more diverse … Read more

A litigator’s yearbook: 2012 in England and Wales

At this time of year it is traditional to look back over the past 12 months and try to sum up what the year has had to offer. We thought it might be helpful to do the same from a litigator’s perspective, and so we have set out an outline of some of the key developments from 2012 on topics … Read more

Financial Services Bill update: Committee Stage report

The Public Bill Committee has published its Committee Stage report on the Financial Services Bill, which indicates that the only revisions made at this stage have been technical amendments. The main theme of debate was the inter-connectibility of the new regulators, with the Opposition seeking more contact between the new bodies.  The Government’s guiding principle … Read more