FCA believes conduct is top of bank agendas

Author: Danielle Myles | Published: 24 Jul 2015

Senior representatives of the Financial Conduct Authority (FCA) have credited UK banks for prioritising the conduct of senior staff.

Its chairman, John Griffith-Jones, has reassured bankers that the reversed burden of proof under the incoming senior managers regime (SMR) would be used "with great care and skill, and only when appropriate."

But he noted that this aspect of SMR is designed to overcome shortcomings of its predecessor, the approved persons regime, under which it was difficult to hold individuals to account for misconduct that caused bank failures.

Many of Griffith-Jones’ comments regarding the new regime, which were made at the UK securities regulator’s annual public meeting on Wednesday, were echoed by outgoing chief executive Martin Wheatley.

"I’m more convinced than ever that conduct is at the top of firms’ agendas; it’s no longer an afterthought," said Wheatley, who will step down on September 12.

Griffith-Jones said the...



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