UK regulator forced change in Standard Chartered risk role

Standard Chartered’s recent decision to strip its finance director of responsibility for risk oversight was the result of intervention by Britain’s financial regulator, two sources with knowledge of the process said on Monday. The Asia-focused bank said two weeks ago it would move responsibility for risk to Chief Executive Peter Sands from Finance Director Richard Meddings. This was because the Prudential Regulation Authority (PRA) expressed concern about a potential conflict with Meddings’ financial role, the sources said. A report this year by the Parliamentary Commission on Banking Standards made proposals to improve lines of accountability for risk and said boards should protect the independence of the chief risk officer.


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