Individual accountability will be industry 'game-changer'

OpRisk Europe hears warnings on Senior Managers Regime

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John Wertheim, ex-Morgan Stanley: "sting in the tail is seven years' jail for reckless conduct for management of the bank"

John Wertheim, former head of operational risk and risk governance at Morgan Stanley, told the OpRisk Europe conference in London today (June 10) that the UK's Senior Managers Regime (SMR) is "quite scary", and will be a "real game changer" for the financial sector.

"From the perspective of the regulators, this will be very effective. Certainly it will be effective in challenging the issue that came out of the crisis, that no individual was to blame and nobody went to jail," he said.

"The

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