End of ‘Murder on the Orient Express’ defence for top UK bankers. (2015)
Rules providing for individual accountability “will put senior managers at UK banks under real pressure”.
James Titcomb, The Telegraph 16 March 2015
Top UK bankers will have to bear personal responsibility for wrongdoing at their companies under a ‘Senior Managers’ Regime’ (SMR) being introduced by their financial regulator.
The Financial Conduct Authority says the the new rules will end the “Murder on the Orient Express defence” of arguing that a group of people were responsible.
Under the new rules top bankers can be found guilty of a new criminal offence of reckless misconduct, and can face up to seven years in jail.
The regime follows a number of high-profile bank scandals in the UK such as credit card insurance mis-selling and market rigging, but few senior bankers have been personally censured.
Read the full article here: End of ‘Murder on the Oriental Express’ defence