• The post you are reporting:
   
  Andrew Bailey: it's 'odd' UK bank bosses have avoided formal charges
  
  Britain's chief financial regulator, Andrew Bailey, has said it is "more than odd" that the
  
  chairmen and chief executives who were at the helm of the failed banks have avoided formal charges.
  
  Andrew Bailey, head of the new Prudential Regulation Authority, said it is "more than odd" tha
  
  junior bankers have faced charges but not bank bosses. Photo: Paul Grover
  
  The chief executive of the Prudential Regulation Authority (PRA) said that it was a "source of some
  
  surprise" to him that authorities had brought cases against junior bankers but not senior directors.
  
  Speaking at a conference in London, Mr Bailey said it was "not the job of the regulator" to say
  
  if individuals should go to prison.
  
  But he added: "It is to my mind a very striking observation and difficulty with the crisis that no
  
  formal action has been taken against any chief executive or any chairmen of a failed institution.
  
  Not because I have a personal vendetta against them but it is more than odd that action has
  
  been taken against people lower down institutions but not at the top."
  
  He told the Future of Financial Services Summit that Barings directors had been struck off after
  
  the bank was brought down by Nick Leeson, the rogue trader in 1995. "They did not like that but
  
  it happened," he said. "And it has been the source of some surprise to me that it has not happened
  
  in wake of the crisis to date

Report Post

Your Name

Reason