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FSA is now targeting individual risk and compliance managers: Rod Fletcher comments
29 November 2011
The full article can be viewed online here.
The UK’s Financial Services Authority (FSA) is homing in on individual risk
managers and compliance officers by making them personally accountable for
investment losses stemming from risky trading strategies, experts say.
“The FSA policy on liability and accountability is clear,” says Rod Fletcher,
head of the business crime & regulation team at Russell Jones & Walker. "The
regulator says it will focus on senior management and hold them accountable for their area of responsibilities. Compliance officers could therefore find
themselves in the firing line."
“There is greater personal and senior accountability – that’s the message the
FSA has been very keen to put out there," says Fletcher. "It is not just a
question of a bank being fined but it is now apparent that individuals are being held to account for the full extent of their job descriptions."
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