{"id":11260,"date":"2023-06-26T03:04:13","date_gmt":"2023-06-26T03:04:13","guid":{"rendered":"https:\/\/www.theukrules.co.uk\/?page_id=11260"},"modified":"2023-10-12T05:38:26","modified_gmt":"2023-10-12T05:38:26","slug":"new-accountability-rules-for-bankers","status":"publish","type":"page","link":"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/","title":{"rendered":"New Accountability Rules for Top Bankers in the UK"},"content":{"rendered":"<p><strong>NEW BANKERS&#8217; RULES<\/strong>: The pain Britain suffered during the last financial crisis was clear to see.<\/p>\n<p>The Chairman at HSBC said the new rules being rolled out to bankers were &#8216;<strong>more responsible<\/strong>&#8216; and &#8216;<strong>entirely reasonable&#8217;<\/strong>.<\/p>\n<p>The comments relate to a new regime for managers and leaders in the industry.<\/p>\n<p>It makes top bankers &#8216;<strong>directly<\/strong>&#8216; responsible for infractions occurring on their watch. The new accountability rules for bankers starts from 2016.<\/p>\n<p>Even so, it got criticized by some banks and finance lawyers. They said the new bankers&#8217; rules are going too far and are too difficult to put into practice.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<h2>Reversing the &#8216;Burden of Proof&#8217; Rules<\/h2>\n<p>The &#8216;<strong>burden of proof<\/strong>&#8216; rules will see a reversal. But what does that mean? It means that in the future bankers must prove they took reasonable steps towards infractions. There are consequences for not doing so and they would be deemed responsible.<\/p>\n<p>Some bankers could also go to jail. That is more likely to happen if their reckless behavior leads to the bank going out of business. But, that particular charge would need proving in a court of law.<\/p>\n<p>What caused the new accountable legislation and redress under law? It arose after frustrations that no bankers got arrested after British taxpayer suffered deeply in the financial crisis of 2007-09.<\/p>\n<p>The support given to a number of institutional money lenders was &#8216;<strong>taxing<\/strong>&#8216; to say the least.<\/p>\n<p>Most would suggest that the direction of travel is right for the country. But, some banks suggest the rules could affect London&#8217;s ability to compete with many of the rival fiscal organisations.<\/p>\n<p>The new regime is part of an effort to draw a line under misconduct in the financial services. They want people to show they are proud to work in the <a href=\"\/news\/business-and-finance\/\">banking and financial<\/a> sectors.<\/p>\n<p>The aim is to go back to being honest. They want a situation where everyone can hold their head high and be proud of working in financial services around the United Kingdom.<\/p>\n<p><\/p>\n<hr>\n<p><\/p>\n<div class=\"content-inner-block\">\n<h4>ALSO IN THIS SECTION<\/h4>\n<p><a href=\"\/news\/business-and-finance\/bitcoin-attracts-uk-budget-regulations\/\">Bitcoin Digital Currency<\/a>: UK may become one of the top countries for organizations utilizing bitcoins.<br \/>\n    <a href=\"\/news\/business-and-finance\/accountability-rules-extend-to-insurance-sector\/\">Accountability for Insurers<\/a>: HM Treasury extends Senior Managers and Certification Regime 2018.<br \/>\n    <a href=\"\/news\/business-and-finance\/investment-banks-avoid-uk-corporation-tax\/\">Banks avoiding Tax<\/a>: How did five of the largest investment banks avoid paying UK Corporation Tax?<br \/>\n    <a href=\"\/news\/business-and-finance\/challenger-banks-profiting-from-uk-banking-rules\/\">Challenger Banks<\/a>: What is the new breed of credible opportunities for shareholders and investors?<br \/>\n    <a href=\"\/news\/business-and-finance\/expats-free-to-open-new-uk-bank-account\/\">Expats Opening Bank Accounts<\/a>: Payment Account Regulations 2015 makes PAD operational in the UK.<br \/>\n    <a href=\"\/news\/business-and-finance\/uk-decides-not-to-amend-fiduciary-duty\/\">Fiduciary Duty Rules<\/a>: No clear law amendment on fiduciary duties of Pension Trustees.<br \/>\n    <a href=\"\/news\/business-and-finance\/regulation-change-for-pension-annuities\/\">Pension Annuities Shake-up<\/a>: Check out the new option to cash in a pension annuity from April 2017.<\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p><\/p>\n<div class=\"updated-data\">\n  <strong>New Accountability Rules for Bankers in the United Kingdom<\/strong><br \/>\n  <time datetime=\"2022-01-01\">Article First Published 2015<\/time>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW BANKERS&#8217; RULES: The pain Britain suffered during the last financial crisis was clear to see. The Chairman at HSBC said the new rules being rolled out to bankers were &#8216;more responsible&#8216; and &#8216;entirely reasonable&#8217;. The comments relate to a new regime for managers and leaders in the industry. It makes top bankers &#8216;directly&#8216; responsible&hellip; <a class=\"more-link\" href=\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/\">Continue reading <span class=\"screen-reader-text\">New Accountability Rules for Top Bankers in the UK<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":1856,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New Accountability Rules for Top Bankers in the UK - UK Rules<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Accountability Rules for Top Bankers in the UK - UK Rules\" \/>\n<meta property=\"og:description\" content=\"NEW BANKERS&#8217; RULES: The pain Britain suffered during the last financial crisis was clear to see. The Chairman at HSBC said the new rules being rolled out to bankers were &#8216;more responsible&#8216; and &#8216;entirely reasonable&#8217;. The comments relate to a new regime for managers and leaders in the industry. It makes top bankers &#8216;directly&#8216; responsible&hellip; Continue reading New Accountability Rules for Top Bankers in the UK\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/\" \/>\n<meta property=\"og:site_name\" content=\"UK Rules\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T05:38:26+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/\",\"url\":\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/\",\"name\":\"New Accountability Rules for Top Bankers in the UK - UK Rules\",\"isPartOf\":{\"@id\":\"https:\/\/www.theukrules.co.uk\/#website\"},\"datePublished\":\"2023-06-26T03:04:13+00:00\",\"dateModified\":\"2023-10-12T05:38:26+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.theukrules.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Articles and Stories about UK Rule and Law Changes\",\"item\":\"https:\/\/www.theukrules.co.uk\/news\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"News Articles about Business Finance Rules and Regulations\",\"item\":\"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"New Accountability Rules for Top Bankers in the UK\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.theukrules.co.uk\/#website\",\"url\":\"https:\/\/www.theukrules.co.uk\/\",\"name\":\"UK Rules\",\"description\":\"The UK Rules\",\"publisher\":{\"@id\":\"https:\/\/www.theukrules.co.uk\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.theukrules.co.uk\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.theukrules.co.uk\/#organization\",\"name\":\"UK Rules\",\"url\":\"https:\/\/www.theukrules.co.uk\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.theukrules.co.uk\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.theukrules.co.uk\/wp-content\/uploads\/2023\/02\/logo-white.svg\",\"contentUrl\":\"https:\/\/www.theukrules.co.uk\/wp-content\/uploads\/2023\/02\/logo-white.svg\",\"width\":191,\"height\":23,\"caption\":\"UK Rules\"},\"image\":{\"@id\":\"https:\/\/www.theukrules.co.uk\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Accountability Rules for Top Bankers in the UK - UK Rules","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.theukrules.co.uk\/news\/business-and-finance\/new-accountability-rules-for-bankers\/","og_locale":"en_US","og_type":"article","og_title":"New Accountability Rules for Top Bankers in the UK - UK Rules","og_description":"NEW BANKERS&#8217; RULES: The pain Britain suffered during the last financial crisis was clear to see. The Chairman at HSBC said the new rules being rolled out to bankers were &#8216;more responsible&#8216; and &#8216;entirely reasonable&#8217;. The comments relate to a new regime for managers and leaders in the industry. 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