However, a recent report found that some 81% of firms surveyed, including 26% of Systemically Important Financial Institutions (SIFIs), reported that they did NOT have a working definition of conduct risk. The FCA is in many respects similar to ASIC, as some of the FSA’s prudential regulatory functions were hived off to a new Prudential Regulation Authority (PRA), which plays a role similar to APRA.Īlthough the FCA has (some say is burdened by) the word ‘conduct’ in its title, the regulator has famously refused to define the term ‘ conduct risk’ instead saying that “you will know it when you see it”. In the regulatory bloodbath that followed the failures of several UK banks, such as Halifax/Bank of Scotland (HBOS), and the obvious failure of the existing banking regulator, the FSA was replaced by the Financial Conduct Authority (FCA). Recently, an obviously frustrated Greg Medcraft, head of ASIC, mooted a similar regime for Australia. The UK inquiry called for a new criminal offence of “reckless misconduct in the management of a bank”, which was enacted into law in 2013. "Those who should have been exercising supervisory or leadership roles benefited from an accountability firewall between themselves and individual misconduct, and demonstrated poor, perhaps deliberately poor, understanding of the front line”. The inquiry’s final report, called Changing Banking for Good highlighted that “the financial crisis, and multiple conduct failures, have exposed serious flaws in governance ’. Conduct risk also harks back to the past and is the latest fashion trend in regulation worldwide.Ĭonduct risk became a fashion as a result of the UK Parliament’s inquiry into the failure of the local banking sector. Hipsters are neat, serious, thoughtful, slightly retro and importantly fashionable. Whereas Credit risk is solid and sensible and Market risk is sharp-suited and dodgy, Conduct risk harks back to gentler times, when traditional values were important. Conduct risk is the hipster of the regulatory world. While we think that one should keep experimenting and evolving with their style, this black and white dress (or whatever you call it), we thought was going a little too far. Not only Sana, the famous singer, Anushka Manchanda looked as if she had taken leave of her dressing sense. Sana you might be still riding high on fame but clearly wearing skimpy clothes doesn't guarantee good style. And people it doesn't end there, to complete her “look”, she chose to wear a bright red lipstick. Not only that, the miniscule piece of clothing was teamed with bright bubblegum pink stilettos and the same colour clutch. Sana Saeed, the famous Anjali from Kuch Kuch Hota Hai had donned a tiny white skirt with white navel showing top, which completely exposed her midriff. While some nailed the right look with the perfect accessories and make up, for some it was a desperate attempt to steal the limelight which failed. The third day of the fashion week saw B-town actresses showcasing their best wardrobe (or that's what they thought). Tinsel villa's actresses are going all out to flaunt their fashion sense this season. More than the models the focus this year has been on the celebs who are giving each other a run for their money. New Delhi: The on going Lakme Fashion Week is seeing B-towm celebs in full attendance. Follow us on sana saeed s fashion faux pas at lfw 2013 view pics
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