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Britain's top banking watchdog says some banks are gaming new rules designed to punish execs

The CEO of the Financial Conduct Authority (FCA) is warning that some banks are going "against the intention" of new rules designed to punish senior executives for wrongdoing. In his first column since taking the role in July this year, FCA CEO Andrew Bailey talks about the new senior managers' regime introduced by the regulator 6 months ago. The new rules are meant to clearly set out responsibilities in an organisation, giving the watchdog license to punish managers and executives whose subordinates break the rules.
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