Monday 23 April 2018

Fears rise that stringent new personal liability rules will deter talented people from taking top roles

Bank of England
Bank of England
Gavin McLoughlin

Gavin McLoughlin

City of London bankers fear stringent new personal liability rules will deter talented people from taking top roles, the ‘Financial Times’ has reported.

Last year the Bank of England revealed plans that could see top executives face jail if they make reckless decisions causing a bank to fail.

In this morning’s ‘Financial Times’, Andrew Bailey, the head of the Bank of England’s prudential regulator, wrote that senior non-executives including chairmen should be subject to the rules as well.

But Mr Bailey said the criminal sanctions would only be used in the worst cases.

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