29 March 2016
Time will tell if the SMR improves trust, says Simon Osborne
On 7 March, rules designed to improve accountability among British bankers – the Senior Managers Regime (SMR) – came into force. The new regime means that senior managers in UK banks, building societies or investment firms considered to be ‘systemically important’ could face a lengthy custodial sentence ‘or an unlimited fine if their actions cause their institution to fail’.
The Government has also proposed that senior managers in the banking sector should be subject to a ‘duty of...