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>The regime, created in response to criticism that many of the bankers who caused the 2008 financial crash escaped unpunished, means top executives at UK banks must be approved as “fit and proper” by regulators and have their responsibilities clearly outlined.
>These senior managers can be subjected to enforcement action for wrongdoing and even face criminal prosecution if they cause a bank to fail. Banks are also required to check that a wider group of employees who are responsible for taking significant risks are suitable for their role and record them on a public register.
>UK Finance, a banking lobby group, said in response that the rules had created “huge challenges due to the lengthy approval process” and suggested several ways they could be “streamlined” including narrowing the types of roles requiring regulatory approval.
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>Many of the other measures introduced by the UK in response to the 2008 banking crisis have recently been or are in the process of being reworked to make them less onerous. Woods is likely to highlight these as examples of a greater focus on supporting growth.
>Last year, regulators scrapped a cap on bankers’ bonuses that was inherited from the EU as part of a post-Brexit push to boost the City of London.
>The PRA last month watered down its initial proposals for applying the Basel capital rules to British lenders and announced a simpler set of rules for smaller lenders.
Finacial Crisis 2.0 LET'S GOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO