The Financial Services Authority (FSA), the UK regulator, has told senior managers at integrated investment banks that they will be held accountable for managing conflicts of interest relating to their UK research and investment banking businesses.

Following its investigation into the issue, known as CP171, the UK regulator wants managers who claim to issue independent equity and fixed income research to publish a policy explaining how they manage potential conflicts. It has issued principles for them to follow rather than inflexible rules to avoid managers just ticking boxes.