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UK Financial Regulators Impose Personal Accountability on Senior Management

The regulatory framework for financial institutions in the U.K. continues to evolve in the post-crisis economic environment.  UK regulators are placing increased personal accountability on leadership within the regulated financial services sector.  The Financial Services & Markets Act (FSMA) was amended by the Financial Services (Banking Reform) Act 2013 to include a new Senior Managers Regime, which came into effect on 7th March 2016.