UK bankers jostle to be junior as tough rules kick in
Senior Managers Regime replaces a system that UK lawmakers criticised for giving illusory control over individuals with little prospect of enforcement action
London
NEW rules to hold bosses responsible for wrongdoing at British 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 specialists.
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 that make it easier to hold them to account.
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