FCA takes firm stance on NED accountability
Roles of chairman, senior independent director and chairs of risk, audit, remuneration and nominations committees to come under new Senior Managers Regime.
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have confirmed that non-executive directors (NEDs) with specific responsibilities will come under the new Senior Managers Regime (SMR).
The regulator said that following a consultation across the industry and with stakeholders it was decided that NEDs who do not perform delegated responsibilities will not be included in the regime.
The non-executive director roles included in the SMR are chairman, senior independent
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