FCA's focus is personal, and closer than you think

Financial Conduct Authority has resolved to hold senior individuals to account for perceived regulatory failings – and to do so publicly

In the wake of the banking crisis, regulators were subject to scathing criticism – in particular for their perceived failure to bring to book those in charge of the financial institutions that went to the brink and required bailouts.

Perhaps unsurprisingly, therefore, a prominent feature of the Financial Conduct Authority's response has been a heightened focus on senior individual accountability. The FCA has resolved to hold those individuals designated as having a significant influence function, or SIF, typically directors and other senior managers exerting significant influence, to account for perceived regulatory failings - and to do so publicly. It can be assumed that the regulator will not wish to be seen to have failed in this regard.

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