{"id":62093,"title":"UK regulators propose easing post-crisis accountability rules for financial firms","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2026-10-23T06:55:50+00:00","modified":"2026-10-23T06:55:50+00:00","canonical_url":"https://stockmark.it/uk-to-relax-post-2008-rules-that-hold-city-bosses-accountable-for-wron/","markdown_url":"https://stockmark.it/uk-to-relax-post-2008-rules-that-hold-city-bosses-accountable-for-wron.md","json_url":"https://stockmark.it/uk-to-relax-post-2008-rules-that-hold-city-bosses-accountable-for-wron.json","category":"Banking","categories":["Banking","Business","Financial"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2026/10/uk-regulators-propose-easing-post-crisis-accountability.png?fit=1536%2C1024&quality=80&ssl=1","format":"news","language":"en-GB","content":"The Bank of England and the Financial Conduct Authority have proposed significant changes to the senior managers regime, a set of rules introduced after the 2008 financial crisis to hold financial executives accountable for misconduct. The joint announcement indicates that the measures will reduce compliance costs for businesses by an estimated 2 billion pounds over the next decade. The reforms aim to remove what the regulators describe as unnecessary burdens while maintaining high standards of individual conduct and accountability within the financial sector.\n\nUnder the new proposals, approximately 140,000 managers will be relieved from the requirement to undergo enhanced checks and demonstrate that they are fit and proper. Previously, these checks were mandatory for a wide range of roles across banks, asset managers, and hedge funds. Going forward, only the most senior executives, such as chief executives and chief financial officers, will be required to prove their integrity annually and before taking on new positions. This shift represents a substantial watering down of the measures that came into force in the mid-2010s in response to public anger over the banking crash and the lack of accountability among bank bosses.\n\nThe changes also include a reduction in the frequency and scope of reporting requirements for lower-level staff misconduct. Firms will no longer be required to report first warnings or minor infractions, such as staff arriving late or missing calls, to the regulators. Instead, reporting will focus on serious misconduct, final warnings, and dismissals. While initial cases of misconduct must still be flagged to top executives, the volume of data submitted to the authorities will decrease significantly. The regulators stated that this approach will cut their own operational costs by 11.5 million pounds for the Bank of England and 229 million pounds for the FCA each year.\n\nThese proposals are the latest in a series of regulatory adjustments made since the government instructed regulators to ensure UK firms remain competitive on the global stage. Similar efforts have already resulted in the removal of caps on banker bonuses, which were previously limited to two times an employee’s salary. In a joint statement, the Bank of England and the FCA emphasised that the changes do not diminish their commitment to individual accountability. They asserted that high standards of conduct will remain unchanged and that individuals will continue to be held accountable for misconduct that affects both their employers and society at large."}