Labour and Lib Dem peers could force a vote to defeat government on "reverse burden of proof" in Senior Managers Regime

 
Lauren Fedor
Follow Lauren
Queen Elizabeth II Attends The State Opening Of Parliament
The House of Lords could vote today on the Senior Managers Regime, which is part of the Bank of England bill (Source: Getty)

Labour and Lib Dem peers could force a vote tomorrow to reject the government’s plans to abandon the so-called reverse burden of proof in new financial regulation.

The Treasury had originally proposed a “guilty until proven innocent” burden on executives scrutinised under the new Senior Managers & Certification regime, which is set to go into effect next March.

But Treasury officials made a U-turn in October, saying a “duty of responsibility” would instead be applied.

Labour and Lib Dem peers, meanwhile, say the Treasury made an “outrageous decision” that will “water down banker accountability”.

Related articles