Britain Gets Tougher on Corporate Rule Breakers

Under provisions approved by the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority that went into effect on Monday, high-level management at banks have a “statutory duty of responsibility” under which they must “take reasonable steps to prevent regulatory breaches in the areas of the firm for which they are responsible.” A failure to take those steps can result in an enforcement action against the executive, which could lead to civil fines and even removal from the firm.