What is the
background to the
accountability rules?

Accountability rules were first introduced by the Financial Conduct Authority (FCA)
and Prudential Regulation Authority (PRA) after the global banking crisis.

These regulations include the Senior Managers’ Regime, the Certification Regime and Conduct Rules, otherwise known as SM&CR or Accountability II.

UK banks, building societies, credit unions and investment firms are required to meet these rules, specifically any of the FCA and PRA regulated firms that went live with March 2016 or remaining regulated firms which must go live in 2018.

Unlimited fines and even custodial sentences for non-compliance have now been introduced and senior managers along with their compliance and HR teams are responsible for meeting and monitoring these complex regulations.

This has created a real operational challenge for individuals and businesses alike, because those at the top could now be exposed to considerable risk.

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