Two HSBC directors quit over jail threat

clock

Two directors of HSBC's UK arm are poised to quit in protest at new Bank of England rules that pave the way for lengthy jail sentences to be imposed on senior managers of failed lenders, according to reports.

Sky News said Alan Thomson, a member of the audit and risk committees of HSBC Bank, has already tendered his resignation and will leave the board at the end of October. Meanwhile John Trueman, deputy chairman of the legal entity that manages the UK high street and commercial bank, is also understood to be on the verge of resigning as a result of the rule changes from the Bank. The likely departures of both men are said to be have been caused by proposals from both the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to strengthen accountability for senior ba...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA releases further details on bereavement processes review

FCA releases further details on bereavement processes review

Review to focus on platforms, advisers and wealth managers

Sophia Panayi
clock 13 May 2026 • 2 min read
Adviser fined £755,000 and banned from financial services

Adviser fined £755,000 and banned from financial services

Put customers at risk ‘for personal financial gain’

Sophia Panayi
clock 12 May 2026 • 2 min read
Three arrested in FCA crackdown on suspected illegal financial promotions

Three arrested in FCA crackdown on suspected illegal financial promotions

Properties searched

Michael Nelson
clock 05 May 2026 • 1 min read