UK to relax post-2008 rules that hold City bosses accountable for wrongdoing
The UK government is relaxing post-2008 financial regulations to reduce the compliance burden on City of London executives. The changes will exempt thousands of managers from enhanced integrity checks and limit reporting requirements to only the most serious cases of misconduct.
Why it matters
This represents a significant shift in post-financial crisis regulatory philosophy, prioritizing market competitiveness over strict accountability.
The new requirements will mean only ‘serious misconduct’ and cases where City staff are given final warnings or fired need to be reported. The new requirements will mean only ‘serious misconduct’ and cases where City staff are given final warnings or fired need to be reported. Financial sector UK to relax post-2008 rules that hold City bosses accountable for wrongdoing Regulators say removing ‘unnecessary burdens’ will save businesses about £2bn over 10 years
Prefer the Guardian on Google The UK is watering down rules introduced in the aftermath of the financial crisis that were designed to hold City bosses accountable for wrongdoing.
The plans, put forward by the financial industry’s two top regulators, the Bank of England and the Financial Conduct Authority (FCA), include a reduction in reporting for “lower-level misconduct” and would also free 140,000 managers from extra checks.
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