Executives are expected to be the target in the next wave of the regulatory crackdown on banks and markets. Senior lawyers predict financial services executives will be next in the firing line as their institutions grapple with the implementation and enforcement of new rules.

Peter Snowdon, a regulatory partner at law firm Norton Rose Fulbright, said: "One thing that is happening is a lot more focus on individuals. We see enforcement against individuals where there have been failures, but also much more use of self-attestation, where regulators are asking people to sign their names to commit that arrangements are in place to comply with the relevant rules.