Legal developments, The buck stops here
The FSMB promises to make a clear distinction between corporate and personal responsibility for senior management. But, ask Jonathan Pearce and Catriona Earsman, will senior management still end up taking the blame for a company's financial misdeeds?
“When a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully,” said Samuel Johnson. With the newly-published consultation document on the Financial Services and Markets Bill (FSMB), the Financial Services Authority (FSA) is hoping to go one better and find that the mere risk of financial rather than capital punishment will make senior executives concentrate more on regulatory compliance.
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