Government to replace 'failed' approved persons regime

The government plans to scrap what it has branded the "failed" approved person regime in financial services and replace it with a new senior persons regime.

The new regime will apply to persons with responsibility within a firm for managing the business and key risks that the firm faces. Today's overhaul was announced in the government's response to the parliamentary commission on banking standards. While the commission's report is most critical of bankers, it goes on to say that it is "plausible that the weaknesses of the approved persons regime affect not just the banking sector but other parts of the financial services industry too". The government agrees with this assessment - and notes that many of the failures identified by the c...