The Financial Conduct Authority and the Prudential Regulation Authority said in a statement Tuesday that they aim to make the so-called Senior Managers Certification Regime “less onerous” on firms while continuing to protect consumers and markets, and the safety and soundness of businesses.
The regime was introduced in the aftermath of the 2008 financial crisis to ensure executives at financial-services firms can be held to account for misconduct that occurs on their watch. The move to simplify some of the rules is meant to ensure “they work better for industry and support competitiveness,” FCA’s chief executive Nikhil Rathi said in the statement.
The tweaks are part of a blizzard of announcements by the watchdogs early Tuesday, with Chancellor of the Exchequer Rachel Reeves announcing measures to spur home ownership at an event in Leeds ahead of her Mansion House address — a heavily-choreographed setpiece that’s keenly watched by the City of London bankers.
Among the other announcements were an overhaul of the Financial Ombudsman Service that resolves customer complaints and a fresh review of the ring-fencing of lenders’ retail and investment banking activities.
Other measures in the Leeds review include:
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