The Bank of England has set out the details of the living wills that the seven largest UK banks will have to produce by 2020 – and made clear that senior executives will be on the hook if the plans do not work out.

HSBC, Barclays, Santander UK, Royal Bank of Scotland, Lloyds Banking Group, Standard Chartered and Nationwide will be the first seven banks that will have to submit self-assessments of how they might be wound down in an orderly way, without recourse to taxpayer bailouts.