UK eases post-crisis rules holding financial executives accountable

UK regulators are relaxing post-crisis accountability rules for City bosses to save businesses £2 billion.

British regulators are scaling back strict post-financial crisis rules designed to hold City executives accountable for misconduct. The Bank of England and the Financial Conduct Authority plan to ease reporting standards for lower-level infractions and exempt thousands of managers from extra checks. Officials estimate these changes will save businesses about £2 billion over a decade.

• The justificationRegulators argue the changes remove unnecessary administrative burdens on financial institutions.
• The scaleThe reforms will exempt 140000 managers from additional scrutiny and reporting checks.
• The backgroundPrevious regulations were crucial in past enforcement actions against notable financiers like Jes Staley and Crispin Odey.