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A quarter of investment firms fall behind on new senior manager rules

FCA wants to foster a culture of personal responsibility across the UK's financial services industry

More than a quarter of UK fund managers are failing to prepare for new rules that will make their senior executives more accountable for wrongdoing — with little over a year to go until the regulations kick in.

That is according to the findings of a report from the Big Four accounting group EY, which surveyed 60 wealth and asset managers on their preparedness for the Financial Conduct Authority's Senior Managers and Certification Regime.

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