The Daily Telegraph reports that the new rule came in an amendment to the Government’s Banking Reform Bill and will force every bank to conduct senior staff reviews 'at least once a year' and to tell the authorities if there are “any grounds” to withdraw their license to operate.
The annual check-ups are one of a series of amendments tabled by the Government to ensure the Bill gets through Parliament after several peers threatened last month to disrupt its passage in the House of Lords.
In a series of amendments tabled at the weekend, the Government confirmed it would review proprietary trading by banks and set up an independent panel to conduct a study.
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image: © Keith Laverack