HM Treasury Consults on Sanctions for Directors of Failed Banks

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On July 3, HM Treasury published a consultation paper on sanctions for the directors of failed banks. Consultation Paper.

In its consultation paper, the Government:

  • proposes to introduce a “rebuttable presumption” that a director of a failed bank is not suitable to be approved by the regulator as someone who could hold a position as a senior executive in a bank.
  • Is considering introducing criminal sanctions for serious misconduct in the management of a bank. This would involve the creation of a new criminal offence that would not necessarily involve any element of dishonesty when it is committed.

Responses to the consultation should be submitted by September 30.

 

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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