Ukrainian Law Blog
Freedom means the supremacy of human rights everywhere
Sunday, May 20, 2018
Why U.K. Is Making Bank Bosses Pay for Mistake
The U.K.’s effort to hold top bank officials personally accountable when things go wrong on their watch is turning out to have some teeth. Just ask Barclays Plc boss Jes Staley. Regulators in mid-May
ripped a chunk out of his wallet
-- and left his reputation in tatters -- for attempting to find out the identity of a whistle-blower. Staley is the first top manager to be ensnared by new rules known as the Senior Managers and Certification Regime. They will soon be applied to the rest of the financial-services industry, putting thousands of managers on notice that they, too, could see a bite taken out of their bank accounts and their careers damaged. Lawyers say regulators in other countries are watching to see if the rules might be a template for them.
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