Description
Over the years, in the financial markets and in the business of financial institutions, lots of scandals, crises and liquidations have been experienced. Raterigging by banks, rogue trading by market participants and mis-selling by financial intermediaries have formed reasons to introduce the Senior Managers and Certification Regime. The objective of the regime is to reduce harm to consumers and to strengthen market integrity. This is achieved by making individuals more accountable for their conduct and competence. The package is made up of three components, namely direct accountability to the authorities, fit and proper employees and conduct rules.
