Sanction ruling lifted from non-executive bankers

It has been decided that rules making senior bankers in Britain more accountable for their actions will not apply to non-executive directors who do not have specific duties such as scrutinising bonuses.

The rules, known as the senior managers’ regime and due to take effect by 2016, are designed to plug a gap highlighted by the financial crisis when few individuals were held responsible after taxpayers had to rescue several lenders.

They will cover board members and senior staff such as heads of trading desks to make it easier to punish bad behaviour with a variety of sanctions, including fines and dismissal.