The head of the Financial Conduct Authority’s (FCA) Regulatory Decisions Committee has predicted an increase in cases against individual business executives, as a result of a drive to improve culture and governance in the City.
Speaking at the Legal Week Banking Litigation and Regulation Forum today (14 June), former Herbert Smith Freehills litigator Tim Parkes said the Senior Managers and Certification Regime, which the FCA introduced in March, would “give greater clarity over an individual’s responsibilities and increase accountability”, leading to a likely rise in cases against individuals.
