A chief risk officer at the UK arm of a Pakistani bank was unfairly dismissed after whistleblowing, an employment tribunal has found.
Mr Daniels had been in charge of assessing and mitigating regulatory, competitive and technological threats to United National Bank in the UK. His role was a regulated position with individual accountability under the senior managers and certification regime, and his appointment had to be approved by the Prudential Regulation Authority (PRA).
Prior to his appointment, the bank had been issued with a ‘section 166’ remediation plan with 116 issues that needed resolving to avoid further intervention by the regulator. When Daniels joined the firm in July 2019, his role involved fixing these issues.
Between July 2019 and his dismissal in April 2021, Daniels made numerous protected disclosures about regulatory and compliance issues at the bank. These included concerns about a potential conflict of interest that breached the senior management regime’s conduct rules; breaches of procedures relating to risk control; the bank allowing employees to bypass controls; bypassing key committee reviews; and not following the correct process in respect of new product approvals.
Daniels also complained that there were insufficient resources to allow him to complete his role, stating that the operations in place were not sustainable.
At the tribunal, United National Bank argued that the PRA rules should be treated as guidance,...
Park Filed Complaint Against President Lee Ahead of 2021 Election Jang Youngha Sentenced to One Year in Prison, Two Years Probation Confirmed The police have launched an investigation into Park Chu...