UK banks to face tighter oversight of management and conduct
The UK 'approved person' regime faces a dramatic overhaul under proposed regulations released today by the Financial Conduct Authority and the Prudential Regulation Authority
Longer deferrals for compensation, new rules on clawback and a complete overhaul of the approval system for senior bank employees are on the cards for UK banks, according to three regulatory documents released today.
The UK Financial Conduct Authority (FCA) and the Bank of England's Prudential Regulation Authority (PRA) described plans today to extend the scope of approval and conduct supervision beyond the current level to include almost all bank employees.
The consultative paper on individual
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