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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

UK to relax post-2008 rules that hold City bosses accountable for wrongdoing

United Kingdom Financial Conduct Authority Bank of England
London's financial district on a bright sunny day
The new requirements will mean only ‘serious misconduct’ and cases where City staff are given final warnings or fired need to be reported. Photograph: Gary Yeowell/Getty Images

The UK is watering down rules introduced in the aftermath of the financial crisis that were designed to hold City bosses accountable for wrongdoing.

The plans, put forward by the financial industry’s two top regulators, the Bank of England and the Financial Conduct Authority (FCA), include a reduction in reporting for “lower-level misconduct” and would also free 140,000 managers from extra checks.

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