FSA proposes crackdown on company directors

Launching a consultation paper on changes to the approved persons regime, the FSA says it wants to be able to take tough action on persons with 'significant influence' in a firm, particularly with those responsible for corporate governance. As part of the FSA's supervisory enhancement programme (SEP), which was begun after a Parliamentary review found the regulator had failed to properly oversee Northern Rock. The FSA hopes to increase its oversight of directors and non-executive directors of firms, including those at parent companies to which an authorised firm is accountable. Previo...