Commenting on AFME’s response to the FCA and PRA consultation paper on “Strengthening accountability in banking: a new regulatory framework for individuals”, Simon Lewis, Chief executive of the Association for Financial Markets in Europe (AFME), said:
"AFME supports measures designed to improve culture and ethics in the financial markets, including the new FCA/PRA proposals to strengthen bankers' individual responsibilities.
"We do think, however, that the proposals relating to foreign banks' UK branches; responsibility of nonexecutive directors; certification by firms of individuals, including those outside the UK; and conduct rules for non client-facing individuals need to be carefully thought through.
"We would urge the regulators to continue to work together, and with banks, to establish clearer rules, so as to enable all staff to undergo the appropriate training and be clear as to their responsibilities. All of this will take time, and the current planned implementation programme is extremely challenging."