Guilty Until Proven Innocent – Financial Services Update

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Financial Conduct Authority

The latest development in the ongoing plans to implement the Senior Person’s Regime for Financial Services is that the Treasury has made a U-turn on its proposal to impose a ‘guilty until proven innocent’ approach.

The so-called “reverse burden of proof” would have demanded senior bankers proved they were unaware of any wrongdoing at their institutions, or face prosecution.

It had been argued that such stringent measures could prevent new and much needed talent coming into the industry.

Instead, senior managers working in financial services will be responsible for taking the right steps to stop regulatory breaches occurring, and the watchdog will have to prove that the people involved did not follow these steps. However, what these include is still unknown.

With much of the regime being far from black and white. HireRight has just hosted a roundtable with some of the world’s leading banks to develop best practice and a raft of recommendations ahead of its implementation in March – look out for key discussion points on our blog page and a white paper following the event.

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The HireRight Blog is provided for informational purposes only and should not be construed as legal advice. Any statutes or laws cited in this article should be read in their entirety. If you or your customers have questions concerning compliance and obligations under United States or International laws or regulations, we suggest that you address these directly with your legal department or outside counsel.

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