UK regulators flesh out proposed punishments for bankers

Front of Bank of England London
The PRA is part of the Bank of England

Senior bankers and insurers will be presumed responsible in cases of failure, under revised proposals published today by the UK's banking regulators.

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) jointly released a consultation on how the ‘Senior Manager's Regime' (SMR) will work in practice, as well as narrowing the individuals it will apply to.

The regime has proven controversial in the finance industry, as managers can face sanction for not taking "reason

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