Banks divided over senior managers seeking legal advice

Author: Danielle Myles | Published: 20 Jul 2015
Some banks don’t want senior managers getting one-on-one advice

A growing number of individuals caught by the UK’s incoming senior managers regime are seeking independent legal advice on their rights and responsibilities under the rules

Banks are taking very different stances on whether it’s necessary.

Starting March 7 2016, UK bank senior executives and those in charge of significant business units will be personally accountable for failings within their area of responsibility. The possibility of new individual liability, and a reversed burden of proof, has prompted some to approach external counsel.

"At the moment it is mainly the top tier of management who are likely to be covered by the senior managers regime who are seeking legal advice," said Sarah Henchoz, partner at Allen & Overy in London.

Those that fall into the less-onerous certification regime, who weren’t caught by the outgoing approved persons regime, may also decide that...


 

 

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