UK softens demands on its senior bankers

Britain yesterday announced it was scrapping plans that would treat senior bankers as ‘guilty until proven innocent’. This will concern regulators, but ease industry fears that tough new rules would scare top talent away from London.

The country’s finance ministry said that, as part of a new bill in parliament, rules to make individual senior bankers more responsible for failings on their watch would be broadened out to cover the entire financial sector.

“We are extending the Senior Managers and Certification regime, so that tough standards of personal responsibility and accountability apply beyond banking and across the entire financial services industry,” said a finance ministry spokesman.