BoE’s Bailey defends dropping reverse burden of proof
PRA chief rejects suggestion he has been ‘cowed by the lawyers’
The decision to scrap the reverse burden of proof in the UK's senior managers regime does not dilute the rules, Prudential Regulation Authority (PRA) chief executive Andrew Bailey said today (October 20).
Justifying the decision to backtrack in a hearing of the Treasury Committee, Bailey said the substance of the regime remains intact. If the PRA decides to sanction an individual the onus on providing proof will now fall on the regulator rather than the individual, but the regulators would not
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