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Individual accountability in finance set for a new era

Attestations used by regulators to hold senior managers personally accountable may soon go out of fashion – but that doesn’t mean executives are off the hook

Individual accountability in finance set for a new era
Photo: Getty

A “deeply unpopular” enforcement technique that uses signed written agreements to hold senior managers to account could soon be on the way out, according to City lawyers.

Attestations, which make senior executives personally responsible for the regulatory compliance of their firm's systems and controls, have been widely used by the UK's Financial Conduct Authority and the Prudential Regulation Authority in the past few years.

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