Bankers to get annual health check
New rules for vetting and making bankers directly accountable for their actions will include an annual health check by their employer, the financial regulator said yesterday.
The new rules, that aim to make it easier for regulators to punish bankers for irresponsible decisions, were called for by lawmakers after few bankers were brought to book despite the fact that several banks had to be bailed out by taxpayers in the 2007-9 financial crisis.
“Today’s policy measures are an important step in ensuring regulators have the tools at their disposal to hold individuals to account and they build on the cultural change we are beginning to see in the boardrooms,” said Martin Wheatley, the Financial Conduct Authority’s chief executive.
The regulator said the new rules will be finalised by the summer.