The U.K.’s Finance Ministry is planning to toss out a key part of the Senior Managers Regime (SMR) that would treat senior bankers as ‘guilty until proven innocent’. 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. A Reuters report said that the U.K. government is looking to soften the blow of the financial regulation regime and ease the mounting industry concerns that may drive top talent away from London.
The Treasury said that under a new parliamentary bill, it was expanding rules to make individual senior managers responsible for misconduct that occurs under their watch to include other parts of the financial services industry such as asset managers, hedge funds and other bank clients, the Reuters report said.
