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Overview (partial) "The events of the financial crisis exposed material shortcomings in the governance and risk management of some regulated firms. Although poor governance was only one of many factors contributing to the crisis, it has widely been acknowledged to have been an important one. This has led to substantial regulatory activity in relation to governance, both in the UK and internationally. Our regulatory approach has for a long time placed considerable emphasis on good governance, and on the capability of individuals in governance roles, recognising the overarching and pervasive influence that these have over the establishment of effective systems and controls in firms. However, in light of recent events, we recognise that our focus on the quality of governance and the intensity of our previous supervisory assessment of it did not adequately reflect its importance. This Consultation Paper (CP) outlines the latest in a series of initiatives we have taken to correct this."

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