Regulators plan to rip out post-crash rules holding bankers to account in a £2bn boost for the City

Annual checks on 139,000 City staff listed on a financial services register are set to be scrapped when the certification regime is wound up. Regulatory pre-approval will be kept only for the most senior positions — chief executives, finance directors and chairmen. PRA chief Katharine Braddick, a former Barclays executive, announced the plans alongside FCA boss Nikhil Rathi at a Mansion House dinner. Some changes will require legislation before they can take effect.

The certification regime, now a decade old, was designed to foster 'a culture of accountability'.

Braddick contends that retaining scrutiny of key roles ensures individuals remain 'accountable for their actions'.

The cap on bankers' bonuses had already been removed in 2023.