Clive Adamson, director of supervision at the Financial Conduct Authority, told the Treasury Committee yesterday that its executive management team should have individual accountability. Adamson, who was answering questions on the events covered in the Davis Review at the hearing made it clear that collective responsibility was not enough. "I think that where there is multiple failure, as in this case there was, the key question is who is, and what is, accountable for it?" Adamson said. He said that individual members of the executive committee should have accountability. "The chairs of the risk committee and the audit committee should have clear responsibility for controls." The Treasury Committee is considering whether the FCA's senior managers should be held responsible in the same way that the regulator itself has attempted to hold senior managers in the industry responsible, a spokesman said.
Alex Davidson, Compliance Complete