Yesterday, 4th May 2016, Parliament passed the Bank of England and Financial Services Act 2016.
Amongst other things the act confirms “senior managers across the financial services industry can be held to account for failings that occur on their watch, through the extension of the Senior Managers and Certification regime to all authorised persons.”
The Individual Accountability Framework was implemented on 7 March 2016 across Banks, Building Societies, Credit Unions and Designated Investment firms bringing the requirement for new documentation, new processes and adherence to new conduct rules for all staff.
In those relevant firms Senior Managers now hold prescribed responsibilities so it is much easier to hold individuals to account rather than the firm as a whole.
For the full facts about the Bank of England and Financial Services Act 2016 click on this link. https://www.gov.uk/government/news/bank-of-england-and-financial-services-bill-given-royal-assent