On July 3, HM Treasury published a consultation paper on sanctions for the directors of failed banks. Consultation Paper.

In its consultation paper, the Government:

• proposes to introduce a “rebuttable presumption” that a director of a failed bank is not suitable to be approved by the regulator as someone who could hold a position as a senior executive in a bank.
• Is considering introducing criminal sanctions for serious misconduct in the management of a bank. This would involve the creation of a new criminal offence that would not necessarily involve any element of dishonesty when it is committed.

Responses to the consultation should be submitted by September 30.