MPs urge for Senior Managers Regime to be Extended beyond Banks – 23rd Oct 2014
The government and financial regulators should move to extend the coverage of the senior managers and certification regimes ‘at the earliest opportunity’, doing away completely with the Approved Persons Regime (APR), a parliamentary committee has argued. ‘The Approved Persons Regime remains in place for the majority of financial services firms, despite its manifest failings. This is a mistake, and one which must be addressed soon by the Government and regulators,’ the House of Commons Treasury Committee said in its report on ‘Project Verde’, Lloyds Bank’s failed attempt to divest 632 branches at the behest of the European Commission on competition grounds, and on the Co-op Bank’s bid for the business. The committee said the fact that an individual as lacking in “the minimum essential skills” to understand financial services as Paul Flowers could become chairman of the Co-op Bank underlined the APR’s failings.
Peter Elstob, Compliance Complete