Senior bankers should be able to change jobs without “frivolous” allegations of misconduct dogging their careers, according to an industry group aiming to make a new official reference system “fair”.

UK watchdog the Financial Conduct Authority introduced rules in 2017 to make it easier for financial institutions to find out when a senior banker has been sanctioned for wrongdoing, in an attempt to stop “rolling bad apples” — problem employees who repeat bad behaviour.