Reforming Banking Culture: So near or so far?

on the by Dr Eleanore Hickman, University of Bristol Law School

The Senior Manager and Certification Regime (SMCR) is considered to be a response to the excessive risk taking and poor corporate culture from which the financial crisis and the LIBOR scandal emerged. At that time, accountability was in short supply and the SMCR sought to address this. In my recent paper I consider whether the SMCR is fit for this purpose and conclude that, although it is in principle, in practice it is falling short. The Government have pledged to begin to review its reform in the first quarter of 2023. (more…)