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Changing banking for good - first report of session 2013-14, Vol. 1: Summary, and conclusions and recommendations (Paperback)
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Changing banking for good - first report of session 2013-14, Vol. 1: Summary, and conclusions and recommendations (Paperback)
Series: House of Commons Papers, 2013-14 175-I
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The Parliamentary Commission on Banking Standards was established
in July 2012, in the wake of the LIBOR scandal, the report Changing
Banking For Good (HL 27-I, HC 175-I) is the result of their inquiry
into professional standards and culture in the UK banking sector,
and makes recommendations for legislative and other action. Key
recommendations include: a new Senior Persons Regime, replacing the
Approved Persons Regime, to ensure that the most important
responsibilities within banks are assigned to specific, senior
individuals so they can be held fully accountable for their
decisions and the standards of their banks in these areas; a new
licensing regime underpinned by Banking Standards Rules to ensure
those who can do serious harm are subject to the full range of
enforcement powers; a new criminal offence for Senior Persons of
reckless misconduct in the management of a bank, carrying a
custodial sentence;
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