Bankers in the U.K. are facing higher conduct standards under new rules adopted Tuesday by British regulators.
Final rules designed to improve individual accountability in the banking sector were published today by the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
The rules follow from recommendations of a parliamentary commission seeking to improve professional standards and culture in the U.K. banking industry.
The regulators are adopting a new regime designed to ensure that senior managers can be held accountable for misconduct that falls within their areas of responsibility, and a new certification regime and conduct rules that aim to hold individuals working at all levels to higher standards, among other things.
In addition, the FCA also initiated consultations today on possible amendments to the rules to expand the new certification regime to individuals involved in wholesale activity, such as traders.
The proposed change aims to ensure that individuals working in wholesale markets “who could pose significant harm to the firm or its customers are subject to the new accountability rules.”