FCA – The expanding scope of individual accountability for corporate misconduct

Speech by Mark Steward, Director of Enforcement and Market Oversight at the FCA, delivered at the New York University Program on Corporate Compliance and Enforcement

Highlights:

  • The Senior Managers and Certification Regime marks an important and decisive shift in the right direction in tackling conduct issues.
  • Corporate fiduciary duties of care and diligence imposed on company directors are probably the closest statutory precedent for senior management liability.
  • There is no free pass for firms and so the Senior Managers Regime does not mean there will be an end to action against firms, including heavy financial penalties.

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