Friday, July 23News For London

Tag: HSBC

Jail time for bankers? New regime holds senior managers accountable

Jail time for bankers? New regime holds senior managers accountable

Blogs, Business, News
By Li Ying & Di Bai In the wake of HSBC’s tax evasion scandal, the UK Treasury announced a new regime aimed at strengthening control in the banking sector, which will take effect in about a year. From that time on, senior bank managers will be likely to face jail terms for bank failures and misconducts. The Chief Executive of Chartered Institute for Securities and Investment (CISI) Simon Culhane talks to Westminster World and explains the new regime.   Introducing a change of culture in the industry A new government-proposed regime will usher in a much-needed change of culture in the banking and financial service sector, with more punitive consequences. Simon Culhane, the chief executive of the professional body of the financial service industry CISI, welcomes it. He s