Regulators Not Gonna Tell You Exactly How To Stay Out Of Jail


Figure it out.

For some reason, and against all evidence, they think you can trust your common sense.

Martin Wheatley, chief executive of the Financial Conduct Authority (FCA), said that despite the "scale of the misplaced alarm" over the new regime, he won't be giving a list of specific ways for a manager to "rebut" charges of being responsible for misconduct in the business. "For lawyers, the slightly unsatisfactory answer here, but honest one, is that it's very difficult for policymakers to be prescriptive about the steps that a particular individual is expected to take," Wheatley told a ResPublica think tank event. "And actually, for those senior managers, most of the steps you'd expect them to take appear common sense, frankly."

UK watchdog says bankers need “common sense” to comply with new conduct rules [Reuters]