City finance lawyers have questioned a call by the chairman of the Financial Services Authority (FSA) to change the law in order to make is easier to hold directors and board members of failed banks personally liable for the consequences of their decisions. The proposed overhaul is contained in a damning report into the failure of The Royal Bank of Scotland (RBS) published yesterday (12 December) by the FSA board, in the wake of the bank's £45bn rescue by the Government in 2008.
December 13, 2011 at 05:52 AM
1 minute read
The original version of this story was published on Legalweek
City finance lawyers have questioned a call by the chairman of the Financial Services Authority (FSA) to change the law in order to make is easier to hold directors and board members of failed banks personally liable for the consequences of their decisions.
The proposed overhaul is contained in a damning report into the failure of The Royal Bank of Scotland (RBS) published yesterday (12 December) by the FSA board, in the wake of the bank’s £45bn rescue by the Government in 2008.
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