“New rules to hold bosses responsible for wrongdoing at banks is deterring some bankers from taking on senior management roles and even prompting big-hitters to play down their own importance, say legal and compliance experts.
Public anger that so few senior bankers were punished after taxpayers bailed out the industry in the financial crisis, or for scandals such as Libor and currency-market rigging, has led to the rules which make it easier to hold them to account.
The Senior Managers Regime (SMR) from Monday replaces a system that UK lawmakers criticised for giving illusory control over individuals with little prospect of enforcement action.
A step change in banking rules, it will allow regulators to pin blame on named people rather than just firms, which lawyers said has triggered anxiety among top bankers. …”
East Devon Watch 