City regulators plan to sweep away post-crisis rules on bankers' accountability in a £2bn boost for the sector

Pre-approval by regulators will be retained only for the most senior roles — chief executives, finance directors, chairmen and equivalent positions — as a certification regime covering 139,000 City staff, introduced a decade ago, is set to be scrapped. Prudential Regulation Authority chief Katharine Braddick, a former Barclays executive, and Financial Conduct Authority boss Nikhil Rathi announced the overhaul at a Mansion House dinner. Some of the changes will require legislation.

Labour has pressed City regulators to make growth their top priority.

Braddick insists the changes 'reduce the administrative burden' while keeping key checks.

The cap on bankers' bonuses was already scrapped in 2023.