On 13 August 2015, the Financial Conduct Authority (FCA), alongside the Prudential Regulation Authority (PRA), published near final rules confirming how it will apply the new accountability regime to UK branches of overseas banks, and also confirmed reforms to the approved persons regime for Solvency II firms.

Martin Wheatley, FCA chief executive, commented: “Today’s rules are the latest changes aimed at embedding personal accountability in the culture of financial services and are a crucial step in rebuilding public trust.”

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