Bank supervision gets personal as UK focuses on accountability
Hours after the publication of a report by the UK’s Parliamentary Commission on Banking Standards (PCBS) on June 19, a group of senior traders are – glumly – sitting down to lunch. One of the main planks of the report is a push for increased personal liability, most obviously through the creation of a new criminal offence of recklessness in the management of a bank, but also by deferring compensation for up to 10 years, and replacing the existing approved persons regime – a system through which
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