Two HSBC directors quit over jail threat

clock

Two directors of HSBC's UK arm are poised to quit in protest at new Bank of England rules that pave the way for lengthy jail sentences to be imposed on senior managers of failed lenders, according to reports.

Sky News said Alan Thomson, a member of the audit and risk committees of HSBC Bank, has already tendered his resignation and will leave the board at the end of October. Meanwhile John Trueman, deputy chairman of the legal entity that manages the UK high street and commercial bank, is also understood to be on the verge of resigning as a result of the rule changes from the Bank. The likely departures of both men are said to be have been caused by proposals from both the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to strengthen accountability for senior ba...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Chancellor to target FOS modernisation and unveil FCA consultation

Chancellor to target FOS modernisation and unveil FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 14 November 2024 • 3 min read
FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read
FCA bans and fines two over pensions transfer advice

FCA bans and fines two over pensions transfer advice

'Poor advice' related to BSPS transfers and other schemes

Jen Frost
clock 31 October 2024 • 2 min read