{"id":43308,"date":"2014-08-01T08:14:29","date_gmt":"2014-08-01T12:14:29","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=43308"},"modified":"2014-08-01T10:10:01","modified_gmt":"2014-08-01T14:10:01","slug":"uk-banks-propose-holding-individuals-accountable-for-failure","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2014\/uk-banks-propose-holding-individuals-accountable-for-failure.html","title":{"rendered":"UK Banks Propose Holding Individuals Accountable For Failure"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/08\/uk-court01.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-23887\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/08\/uk-court01.jpg\" alt=\"uk-court01\" width=\"240\" height=\"188\" \/><\/a>New York (HedgeCo.Net) &#8211; The behaviour and culture within banks played a major role in the 2008-09 financial crisis and\u00a0in conduct scandals such as Payment Protection Insurance (PPI) mis-selling and the attempted\u00a0manipulation of LIBOR, the Bank of England said when r<span style=\"color: #333333;\">esponding to recommendations made by the parliamentary commission on banking standards<\/span>.<\/p>\n<p>Under the statutory and regulatory framework in place at the\u00a0time, individual accountability was often unclear or confused. This undermined public trust in\u00a0both the banking system and in the regulatory response.<\/p>\n<p>Under the proposed legislation, bankers would be required to meet the following criteria:<\/p>\n<ul>\n<li>heads of key business areas meeting certain quantitative criteria<\/li>\n<li>individuals in group or parent companies exercising significant influence on the firms\u2019\u00a0decision-making, and<\/li>\n<li>where appropriate, individuals not otherwise approved as Senior Managers but ultimately\u00a0responsible for important business, control or conduct-focused functions within the firm.<\/li>\n<\/ul>\n<p>The proposals in this consultation are intended to create a new framework to encourage\u00a0individuals to take greater responsibility for their actions, and will make it easier for both firms and regulators to hold individuals to account.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; The behaviour and culture within banks played a major role in the 2008-09 financial crisis and\u00a0in conduct scandals such as Payment Protection Insurance (PPI) mis-selling and the attempted\u00a0manipulation of LIBOR, the Bank of England said when [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-43308","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=43308"}],"version-history":[{"count":4,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43308\/revisions"}],"predecessor-version":[{"id":43353,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43308\/revisions\/43353"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=43308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=43308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=43308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}