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UK to introduce new banker vetting rules from March 2016
[LONDON] Britain's new rules for vetting and making senior bankers directly accountable for their actions will take effect from March next year, UK financial services minister Andrea Leadsom said on Tuesday.
The new regime aims to make it easier for regulators to punish bankers for irresponsible decisions.
"In order to facilitate an orderly transition from the existing approved persons regime, firms will be required to notify the regulators by February 8, 2016 of the approved persons who are to be senior managers under the Senior Managers'Regime," Ms Leadsom said in a statement.
The new rules will also be extended to UK branches of foreign banks on March 7, 2016 as well.
Regulators will shortly start a public consultation on how to extend the rules to foreign branches "in an appropriate and proportionate", Ms Leadsom added.
The new criminal offence of causing a UK lender to fail will also take effect in March next year, she said.