LONDON: Traders who take bets on market moves should have to comply with Britain’s tougher financial rules on individual accountability, regulators proposed on Tuesday.
The Financial Conduct Authority said it was proposing that a range of people working on wholesale markets should be covered by new conduct rules finalised for bankers on Tuesday.
“The change is designed to expand the certification regime to ensure that individuals working in wholesale markets in relevant firms who could pose significant harm to the firm or its customers are subject to the new accountability rules,” the FCA said in a statement. The FCA and the Bank of England’s Prudential Regulation Authority, published final accountability rules on Tuesday to make it easier to prosecute individuals for rule breaches.
The rules, little changed from drafts put out to public consultation, follow anger among lawmakers that few bankers were punished after British taxpayers had to bail out banks during the 2007-09 financial crisis.
Published in Dawn, July 8th, 2015
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