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This goes against the intention of the senior managers and certification regime and should not continue.
The "senior managers and certification regime" is being introduced for banks, building societies, credit unions and some investment firms from March 2016.
Just over six months ago, thesenior managers and certification regime was introduced for all banks and building societies, and a parallel regime came in for insurers.
And a consensus has emerged for a strict certification regime to keep the stones that have been used to fuel Africa's civil wars out of the world's jewelry shops.
Tracey McDermott, acting boss of the Financial Conduct Authority, said: "Extending the senior managers' and certification regime is an important step in embedding a culture of personal responsibility throughout the financial services industry.
He said any errors by junior workers covered by the certification regime would need to be reported annually to the regulator, when they might otherwise have been handled by their managers.
Similar(41)
The results further indicate a strong, self-interested support from domestic state bureaucracies to state-driven international rather than to transnational certification regimes, supporting the temporary governance hypothesis.
Very recent empirical trends in the fields of timber and palm oil certification in Indonesia suggest that it is distinct public bureaucracies who start reclaiming certification authority through state-led mandatory schemes, challenging the private and transnational certification institutions in support of government-driven international certification regimes.
In my opinion making significant changes to the existing certification regimes will accomplish nothing.
Similarly, the U.S. can enter into "mutual recognition agreements" that allow nations to rely on the results of each other's testing, inspection, or certification regimes.
That self-certification regime had been operational for fifteen years.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com