From March next year, managers at UK banks will face greater accountability to the Financial Conduct Authority and the Prudential Regulation Authority for lapses caused by their junior colleagues. This could cause a wave of unfair-dismissal claims, as managers could pre-emptively fire staff that put the company at risk, said Jon Gilligan, a partner at GQ Employment Law.
Tension
‘The FCA’s and PRA’s determination to create much more individual responsibility for any failures that occur in the banking sector is likely to cause considerable upheaval throughout the City and create significant tension between senior managers and banks’ HR and Legal teams,’ Mr Gilligan said. Source: Bloomberg Business
Email your news and story ideas to: [email protected]
