The UK is easing post-2008 financial accountability rules to save businesses £2bn, reducing oversight on lower-level misconduct and exempting 140,000 managers from extra checks.
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Regulators say removing ‘unnecessary burdens’ will save businesses about £2bn over 10 yearsThe UK is watering down rules introduced in the aftermath of the financial crisis that were designed to hold City bosses accountable for wrongdoing.The plans, put forward by the financial industry’s two top regulators, the Bank of England and the Financial Conduct Authority (FCA), include a reduction in reporting for “lower-level misconduct” and would also free 140,000 managers from extra checks. Continue reading...
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