Senior managers in the firing line
Kate Tilley and Emily Bourne explain how the Financial Services Authority is likely to implement its promise to hold senior individuals to account in firms found to be in breach of regulations.
"Credible deterrence" is the Financial Services Authority's current enforcement mantra and firms landing on the wrong side of the regulator are likely to experience effects in two ways: increased emphasis on the personal culpability of senior management and, in future, fines that may be up to three times higher than current levels.
In December 2008, the FSA promised that it would hold more senior managers personally accountable for the poor conduct of their firms. According to its 2008-9 annual
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