British banks seek tweaks to accountability rules

Britain’s new system of banker accountability has led to a “tangible” improvement in culture but modest changes are still needed, UK Finance said on Tuesday.

The trade body for banks in Britain published the sector’s first major appraisal of the senior managers and certification regime (SMCR) introduced in 2016 as part of reforms implemented after the 2007-09 financial crisis that left taxpayers to bail out lenders while few individual bankers faced punishment.

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