UK watchdogs detail proposals on bankers' personal accountability
Consultation papers flesh out how presumption of responsibility will work in practice, including narrowed scope, and seek to extend greater protections to whistleblowers
Senior bankers and insurers will be presumed responsible if their firms break rules, under revised proposals published on February 23 by the UK's banking regulators.
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) jointly released a consultation on how the Senior Managers Regime (SMR) will work in practice, as well as narrowing the individuals it will apply to.
The regime has proven controversial in the finance industry, as managers can face sanction for not
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