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RESEARCH AND BRIEFINGS

Marsh Insights: The Financial Services (Banking Reform) Act 2013

 


Our latest Boardroom Briefing, created by Eleni Petros (FINPRO UK), discusses issues around the Financial Services (Banking Reform) Act and the possible impact this might have on senior bank executives and D&O insurance.

The Financial Services (Banking Reform) Act 2013 received Royal Assent in December of the same year and will bring sweeping changes to the banking system. It seeks to protect taxpayers when things go wrong and gives the government power to ensure that banks are better able to absorb losses.

The most significant change is to banking standards. This includes the overhaul of the regulatory Approved Persons Regime, new rules of conduct, and a focus on holding individual decision makers accountable. The new changes will apply to all banks and bank-holding companies operating in the UK. The Prudential Regulation Authority and Financial Conduct Authority expect to have the new rules in place during 2014, with the aim of implementing them in 2015.

Please see our latest Boardroom Briefing, created by Eleni Petros (FINPRO UK), which discusses issues around the Financial Services (Banking Reform) Act and the possible impact this might have on senior bank executives and D&O insurance.