UK dilutes rule for senior bankers, widens scope of regulation

London

BRITAIN on Thursday announced it was scrapping plans that would treat senior bankers as "guilty until proven innocent", in a move likely to infuriate regulators but ease industry fears that tough new rules will scare top talent away from London.

The finance ministry said that as part of a new bill being launched in parliament, rules to make individual senior bankers more responsible for failings on their watch would be broadened out to cover the entire financial sector. "We are extending the Senior Managers & Certification regime so that tough standards of personal responsibility and accountability apply beyond banking and across the entire financial services industry," a spokesman said.