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FSA seek to hold senior executives personally responsible

The FSA is seeking to hold senior bank and life office executives personally accountable for management failings according to the Financial Times.


The move, outlined in a report published by the FSA proposes individual directors and senior managers be fined over company failings resulting from mis-management.


Under the proposals the regulator would vet executives before they could take up their posts.


FSA chairman Howard Davies told the FT, the prime focus of the authority would still be on firms, but he highlighted how many high profile cases in which it has become involved, have been brought about by actions of an individual.

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