Plans to hold British bankers more accountable for compliance failures are causing anxiety within the financial sector, speakers and attendees of an industry conference in London said Tuesday.
Most British financial firms are prepared to comply with pending rules for senior leaders despite training challenges and questions over how they should assign liability, according to attorneys and bankers.
Dubai's financial district regulator is expected to "shortly" make an announcement around creating a senior managers regime that would hold bank executives personally accountable for their institution's failures, a senior official said Sunday.
The United Kingdom on Thursday reversed course on a plan that would have required bank executives to prove their innocence in compliance violations, and separately proposed tightening oversight of senior managers.
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