Skip to main content

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

  • Author:
  • Updated:

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]


(Getty Images for Yahoo Finance)

Just How Fulsome Was Jes Staley’s Description Of His Ties To Jeffrey Epstein To British Regulators?

They’d like to know if he improperly kept his underwear on in his disclosures to them.


Maybe Serving As Payment Agent For Sovereign Debt Is Another Business Citi Should Get Out Of

At least when it comes to rogue states and uniquely recalcitrant debtors.

New British Regulators May Not Have Done Any Better Than The FSA, But It Was Totally Worth The Trouble Of Setting Them Up Anyway

As you may have heard, the U.K. is putting the FSA out to pasture at the end of the month. In its place on April 1 will sit the Prudential Regulation Authority—success guaranteed by the name alone—and the Financial Conduct Authority.


Turns Out You Can’t Trust Insider Traders To Not Insider Trade, Even If You Ask Nicely

Those inclined to do it are not inclined to be dissuaded by a pandemic-induced sense of everyone being in this together.