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More than 70,000 City managers could be held personally responsible for misconduct under the FCA’s new accountability rules

The number of senior managers in financial services firms who could be held personally responsible for misconduct has increased to 72,000, according to new research from law firm Cleveland & Co.

This comes after City watchdog the Financial Conduct Authority (FCA) announced it would broaden the scope of the Senior Managers and Certification Regime (SMCR) from covering just banks to the whole of the financial services industry, in an effort to increase accountability.

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