The U.K. Financial Conduct Authority and the 's PrudentialRegulation Authority proposed extending the conduct rules to all nonexecutivedirectors of banks and insurers.
The regulators also proposed to obligate U.K. branches ofoverseas banks and insurers to inform their U.K. employees about thewhistleblowing programs of the FCA and the PRA. In addition, the FCA willconsult on how those heading up the legal function in firms should be treatedunder its Senior Managers' and Certification Regime.
Meanwhile, the PRA and FCA published final rules onregulatory references in a bid to prevent the recycling of individuals withpoor conduct records. The PRA also aims to ensure greateralignment between risk and individual reward through proposed rules onremuneration.
The Senior Managers' and Certification Regime will beextended to all regulated financial services firms from 2018.