Member

Finally, as reflected in the code of practice, it is a key principle of the resolution regime that natural and legal persons should be made liable under civil or criminal law in the UK for their responsibility for the failure of the institution. This is delivered by Section 36 of the Financial Services (Banking Reform) Act 2013, which provides for a criminal offence where a senior manager of a bank has taken a decision which caused the failure of a financial institution, if their conduct falls far below what could reasonably be expected of someone in their position.