On 13 August 2015, the FCA published “near final” rules on how it will apply the new accountability regime to the UK branches of foreign banks (incoming branches).

The regime, which was jointly prepared by the FCA and Prudential Regulation Authority, is aimed at ensuring that individuals who work in the banking sector maintain “appropriate standards of conduct”. The near-final rules attempt to address the inherent differences between UK firms and foreign-headquartered incomingbranches.