Following the Government’s response today to the Parliamentary Commission on Banking Standards report, Bill Michael, Head of Financial Services at KPMG, said:
“The Chancellor’s acceptance today of many of the key recommendations of the Tyrie report is confirmation that the UK will now have one of the toughest banking regimes anywhere in the world.
“However, the Government has not ruled out making the new Senior Persons Regime applicable to the whole financial services industry, not just banking. Whilst this would not include the possibility of jail – that is reserved as a threat for bankers only – this would mean that executives in insurance and asset management would also be under a greater spotlight to be accountable and responsible for their actions. This would open the way for tougher scrutiny of pensions and investment product misselling.
“The heat looks likely to rise for the whole of financial services in Britain.”
Media enquiries to:
Mark Hamilton, KPMG Corporate Communications 020 7694 2687
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.