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U.K. Parliament Scraps ‘Burden of Proof’ for Bankers

Aarti Maharaj | December 16, 2015

The U.K. government has watered down accountability rules to hold senior bankers liable for employee misconduct.

After much debate, the U.K. Parliament’s Treasury Committee made a last minute change to abandon the “burden of proof” rule for bankers, said a Financial Times report.

The rule could have held senior managers accountable for employee misconduct with the possibility of a fine or a potential ban. As Compliance Week previously reported, this move comes at a time where the financial industry is gearing up to tackle new regulatory changes that will hold bankers accountable for their actions. News reports...

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