LONDON, July 20 (Reuters) - Britain's finance ministry on
Tuesday proposed extending individual accountability rules for
senior managers at banks and insurers to a wider range of
financial firms such as clearing houses and payments systems.
The proposed rules would apply to clearing houses like LCH,
part of the London Stock Exchange Group, LME Clear
and ICE Clear Europe, and settlement house
The existing rules were introduced after too few individuals
were punished for failures during the financial crisis more than
a decade ago and they aim make senior managers directly
accountable for their actions.
The finance ministry said the current regime had only
limited provision for oversight of individual conduct at
financial markets infrastructure firms, companies that ensure
that a transaction like a stock or bond trade is completed
Under the proposals put out to public consultation, the Bank
of England would have powers to decide which senior individuals
at these firms would come under the regime.
"This would ensure that the firms which underpin the proper
functioning and overall stability of the UKs financial system
are subject to the highest regulatory standards," the ministry
"The government intends to legislate for this new regime
when parliamentary time allows."
(Reporting by Huw Jones; Editing by Catherine Evans and Jane