HSBC directors to quit over new banking rules - reports

Two directors of HSBC's British banking business are set to quit in a controversy over new industry regulations that can lead to prison sentences, according to reports on Tuesday.Alan Thomson, a member of the audit and risk committees of HSBC Bank Plc, has resigned and deputy chairman John Trueman is about to do so, reports citing unidentified sources said.The directors are understood to be unhappy with new rules designed to boost the accountability of senior bankers that can result in jail sentences.The Bank of England has launched a review designed to assess whether scrutiny of the conduct of top bankers could be improved. A Parliamentary Commission on Banking Standards demanded the consultation, known as the Senior Persons Regime.The rules include powers to jail bankers for up to seven years for reckless misconduct. Top bankers would have to prove they were unaware of, or had challenged, suspect behaviour at the time. An HSBC spokeswoman declined to comment.