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By Huw Jones
LONDON, March 3 (Reuters) - Britain's new rules for vettingand making senior bankers directly accountable for their actionswill take effect from March next year, financial servicesminister Andrea Leadsom said on Tuesday.
The new rules, that aim to make it easier for regulators topunish bankers for irresponsible decisions, were called for bylawmakers after few bankers were brought to book despite thefact that several banks had to be bailed out by taxpayers in the2007-09 financial crisis.
"In order to facilitate an orderly transition from theexisting approved persons regime, firms will be required tonotify the regulators by 8 February 2016 of the approved personswho are to be senior managers under the Senior Managers'Regime," Leadsom said in a statement.
The new rules will be extended to UK branches of foreignbanks on March 7, 2016, Leadsom said, adding that regulatorswould soon start a public consultation on how to do that "in anappropriate and proportionate" way.
A new criminal offence of reckless misconduct, or causing aUK lender to fail, will also take effect in March next year, shesaid. Offenders could face up to seven years in prison.
"A key part of our long-term economic plan is to restoretrust in Britain's banking sector so that it works much betterfor customers and businesses," Leadsom said.
"We are determined to make sure that all banks in Britainoperate with the highest standards."
The senior persons regime will apply to bankers in keypositions, such as heads of trading desks, executives, andnon-executives that head key committees.
Those designated a senior person will have to be vetted bythe Financial Conduct Authority or the Bank of England'sPrudential Regulation Authority. (Reporting by Huw Jones; Editing by Matt Scuffham and RobinPomeroy)
