UK bank boards, top execs may ask for fatter pay

New Jersey

UK banks face paying their board members and top executives more, as regulators strengthen rules that hold individuals to account for malfeasance that occurs on their watch.

The Prudential Regulation Authority and the Financial Conduct Authority will issue new accountability rules, known as the "senior managers' regime", as soon as next month, said a source who asked for anonymity because the regulators' plans are not public. Banks will have to provide regulators with detailed descriptions of each manager's responsibilities.