Senior managers now subject to a duty of responsibility’ rather having to prove they had done the right thingTreasury moves to dilute a key part of the new regime intended to produce top bank bosses more accountable will face scrutiny from a powerful committee of MPs next week.
In a budge seen as a sign that the government is softening its stance toward the industry,the Treasury said that it was dropping a contrivance to “reverse the burden of proof” for managers, which would have forced them to demonstrate they had done the right thing whether wrongdoing emerged on their watch. Related: Andrew Tyrie criticises Bank of England for failing to protect Gertjan Vlieghe Related: Traders could be held to account by City watchdog Continue reading...
Source: theguardian.com