Senior executives in insurance will be held personally responsible for misconduct, as part of the UK government’s plans to extend the senior managers and certification regime.
The regime, first introduced for banks and building societies in 2016, will be extended to include insurance firms from 10 December 2018. It currently applies to banks, building societies, credit unions, investment firms and UK branches of foreign banks.
The new rules will also ensure that a code of conduct is set out for all staff, and that employees who do a job where they could do significant harm to consumers, or to the UK’s financial stability, are approved annually by their firm, the Treasury said in a statement.
John Glen, the economic secretary to the Treasury and City Minister said: “Britain’s first-class regulation is one of many reasons our country is so attractive for financial services investment. The senior managers and certification regime plays a big part in this, ensuring that those at the top display the behaviours and values that the British people expect.”
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