New rules ‘not a witch-hunt’

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New rules to make top managers and board members of banks and insurers directly accountable for their actions are about increasing clarity, not witch hunts, Bank of England Deputy Governor Andrew Bailey said.

“The key principle of that regime is to establish clearly appropriate responsibility for the governance of firms. Put like that, it is not meant to be radical or life-changing, despite whatever you may hear and read,” Mr Bailey told the Building Societies Association annual conference in Harrogate. The Prudential Regulation Authority has published a consultation paper on board responsibilities.

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