Libor and foreign exchange rate-fixing scandals brought to light widespread misconduct in the wholesale banking sector and focused UK policymakers’ attention on the need to restore individual accountability for senior managers. Firms must now navigate the ensuing red tape.

Andrew Tyrie MP, chairman of the Parliamentary Commission on Banking Standards, speaking on the publication of the commission's final report in June 2013, said: "A lack of personal responsibility has been commonplace throughout the [financial] industry. Senior figures have continued to shelter behind an accountability firewall."