7th Oct 2014 11:27
LONDON (Alliance News) - Two directors of HSBC Holdings PLC's UK arm are set to resign, Sky News reported on Tuesday.
According to the report, the directors are resigning in protest over new Bank of England rules faced by managers of banks that fail in the future.
Sky News said that Alan Thomson, a member of the audit and risk committees of HSBC Bank PLC, has tendered his resignation. He will depart at the end of October, the report said.
John Trueman, the 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, Sky News reported.
"Sources close to the situation said that the likely departures of both men were a direct consequence of the Prudential Regulation Authority's (PRA) proposals to strengthen accountability for senior bankers," the Sky News report read, with penalties including lengthy jail sentences.
HSBC was not immediately available for comment. The PRA declined to comment on the report.
http://news.sky.com/story/1348771/hsbc-directors-quit-in-protest-at-jail-threat
By Samuel Agini; [email protected]; @samuelagini
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