What legislation established the framework for the Senior Managers Regime and Conduct Rules?

The legislation that established the framework for the Senior Managers Regime and Conduct Rules is the Financial Services (Banking Reform) Act 2013. This act was introduced in response to the financial crisis and aimed to enhance the resilience of the banking sector while ensuring a greater degree of accountability among senior management. The Senior Managers Regime specifically focuses on defining the responsibilities of senior individuals within financial institutions to ensure clear accountability, while the Conduct Rules provide a set of expectations regarding behavior across financial services firms.

This framework was designed to bolster consumer confidence and stability in the financial system, addressing the issues that arose during the banking crisis by holding individuals accountable for their actions. Other pieces of legislation mentioned, such as earlier acts from 2000 and 2011, or the Companies Act of 2006, do not specifically address the framework established by the 2013 act concerning senior management accountability and conduct.