Lord Flight
Main Page: Lord Flight (Conservative - Life peer)Department Debates - View all Lord Flight's debates with the Cabinet Office
(9 years ago)
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Lord Bridges of Headley
The Bill does not change any existing obligations on individuals working in the financial services industry to report wrongdoing whether within their own firm, to regulators or to other authorities. To address the noble Lord’s question directly, the FCA published in October a package of rules designed to encourage a culture in banks where individuals feel able to raise concerns and challenge poor practice and behaviour. Those rules will also constitute non-binding guidance for other financial services firms.
Lord Flight (Con)
My Lords, does the Minister agree that the new senior managers regime imposes extremely detailed requirements for dealing with both accountability and responsibility—it is virtually micromanaged and reported on—and that the suggestion that the new arrangements have gone soft is completely wrong?
Lord Bridges of Headley
I entirely agree with the noble Lord. The new system will be robust and proportionate.