In a post-credit crunch financial services industry, one of the key changes boards and regulators want to see is greater accountabilities within the firms they oversee and regulate. Too often reporting lines are unclear or blurred, decisions are taken by a committee and the notion of individual accountability is not embedded within organisational culture. 

In June 2013, the Parliamentary Commission for Banking Standards (PCBS) published its report "Changing Banking for Good", setting out recommendations for legislative and other action to improve professional standards and culture in the UK banking industry. This was followed by legislation in the Banking Reform Act 2013 to replace the Approved Persons Regime for banks, building societies, credit unions and PRA-designated investment firms with a new regulatory framework for individuals.

While the Senior Managers Regime will ensure that senior managers can be held accountable for any misconduct that falls within their areas of responsibilities, the new Certification Regime and Conduct Rules aim to hold individuals working at all levels in banking to appropriate standards of conduct.