The expanding scope of individual accountability for corporate misconduct – speech by Mark Steward (FCA)

Mark Steward, director of enforcement and market oversight, FCA, has given a speech on the accountability of senior managers for corporate misconduct at the New York University program on corporate compliance and enforcement.

Mr Steward explained that the FCA’s senior managers and certification regimes (SMR & CR) mark an important and decisive shift in direction in tackling conduct issues, by clearly establishing the duty of responsibility owed by senior managers to their firms.

Key points made in the speech include:

• that corporate fiduciary duties of care imposed on company directors are probably the closest statutory precedent for senior management liability; and
• the SMR & CR do not mean there will be an end to action against firms themselves, including heavy financial penalties.

A copy of the speech is available:  http://bit.ly/2oBKxux