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City regulators plan to rip out post-crash rules that hold 139,000 finance staff to account in a £2bn boost

City regulators plan to rip out post-crash rules that hold 139,000 finance staff to account in a £2bn boost

Prudential Regulation Authority chief Katharine Braddick, a former Barclays executive, unveiled the plans with Financial Conduct Authority boss Nikhil Rathi at a Mansion House dinner. Regulator pre-approval for executives will also be scrapped for all but top jobs such as chief executives and chairmen. The PRA claims firms will save £2billion over ten years. Some of the changes will need legislation.

Certification was brought in a decade ago 'to instil a culture of accountability'.

Labour pushed regulators to prioritise growth, but banks still face a £2bn Budget tax raid.

Braddick insists top roles keep checks so 'individuals are accountable for their actions'.

MoreDaily MailBankers set for £2bn boost as regulators promise to cut the red tapeFinancial TimesUK waters down ‘fit and proper’ rules set up to hold bankers to accountCity A.M.Braddick sets out her vision for banking watchdog with £2bn overhaulCity A.M.Threats to financial system ‘on steroids’ after AI boom, FCA chief warnsGlobal Banking & Finance ReviewUK Regulators Plan to Ease Vetting Rules for Finance Employees - Global Banking & Finance ReviewThis Is MoneyBankers set for a £2bn boost as regulators promise to rip out the red tape
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