IMC Chapter 2 - 2.5 - Senior Managers and Certification Regime (SMCR)

Question 1

Name the commission that was created due to the scandals of the 2008-2009 financial crisis.

Answer 1

Parliamentary Commission on Banking Standards (PCBS).

Question 2

Who was the Parliamentary Commission on Banking Standards (PCBS) appointed by?

Answer 2

The Parliamentary Commission on Banking Standards (PCBS) was appointed by both Houses of Parliament .

Question 3

What is the purpose of the Parliamentary Commission on Banking Standards (PCBS)?

Answer 3

To consider and report on professional standards and culture of the UK banking sector. There was specific focus on regulatory and competition investigations into the LIBOR rate-setting process.

Question 4

What lessons learned where the Parliamentary Commission on Banking Standards charged with looking into?

Answer 4

The Parliamentary Commission on Banking Standards (PCBS) was also charged with looking into the lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy. Having done so, they were invited to make recommendations for legislative and other action, publishing their findings in “Changing Banking for Good”.