The UK Government recently announced that it would introduce a new statutory duty of responsibility on senior managers in all financial institutions and repeal the presumption of responsibility that would have applied to senior managers in banks and large investment firms. Senior managers will need to take reasonable steps to prevent a significant breach of a regulatory requirement in their area from occurring or continuing. The onus will be on the regulators to prove that the individual did not take reasonable steps. This note discusses the practical implications for firms and the individuals working in them of the senior managers regime as now proposed.