In this article, members of the Banking, Finance and Regulatory Litigation Group at Allen & Overy LLP consider the proposals for a new senior managers and certification regime for the banking sector as set out in the FCA and PRA's joint consultation paper, "Strengthening accountability in banking: a new regulatory framework for individuals" (FCA CP14/13/PRA CP14/14).

This article is written on the basis of the draft rules as set in the consultation paper and, as a result, draft rules referred to within the article are subject to change.