Bank Of England Backs Panel's Individual Liability Push

Law360, New York (October 7, 2013, 3:22 PM EDT) -- The Bank of England on Monday said it largely agreed with banking reform recommendations made by a parliamentary commission in June, which call for banks’ senior management to face criminal charges for particularly reckless behavior.

The U.K.’s central bank lauded the commission’s push “to make individual responsibility in banking a reality,” saying while delegation of tasks is necessary in large and complex organizations, it must not dilute the responsibility of senior executives.

Regulations should ensure that key responsibilities within banks are assigned to specific individuals, who...
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