Controlling bankers is a key theme of a public consultation issued jointly by the Bank of England Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). The proposals aim to make bankers more accountable for their actions, and includes provisions to claw-back bonuses and jail reckless executives. Politicians mainly welcomed the proposals when they were announced, but bankers have not, which may not be surprising. Lawyers also suggested some of the proposals may be unworkable in practice.
The consultation documents are very lengthy and can be obtained here: http://www.bankofengland.co.uk//publications/Pages/news/2014/106.aspx
But they have given us to the 31st October to digest them and make a response. ShareSoc may respond to these consultations so if you have any views on them please let us know.
Note that one of our Manifesto Policies that was written when ShareSoc was set up was that “The legal framework for companies should be changed to improve accountability”. So in principle we have no objection to more legal interference in these matters in all companies, let alone banks. But banks and bankers have clearly been the focus of late because of recent events.
Leave a Reply