Firms called to account for executive appointments

The regulator is calling on financial services firms to be “more robust” in the appointment of key executives and staff. In a letter to the chief executives of 5,000 regulated firms, the Financial Services Authority said that it has become more involved in assessing the suitability of candidates for significant influence functions (SIF) but that it expects firms to be responsible for drafting a suitable shortlist, which it will also want to see with a view to interviewing candidates.