City watchdogs plan to scrap post-financial-crisis checks on 139,000 bank staff in a £2bn boost for the City

Regulator pre-approval for executives will be dropped except at the very top — chief executives, finance directors and chairmen. Prudential Regulation Authority chief Katharine Braddick, a former Barclays executive, unveiled the plans with FCA boss Nikhil Rathi at Mansion House. Labour has pushed watchdogs to put growth first. Some changes will still need legislation.

The certification regime was brought in a decade ago 'to instil a culture of accountability'.

Braddick insists the overhaul cuts 'the administrative burden' while keeping checks on key roles.

The bankers' bonus cap was already scrapped in 2023.