Two HSBC directors quit over jail threat

Two directors of HSBC's UK arm are poised to quit in protest at new Bank of England rules that pave the way for lengthy jail sentences to be imposed on senior managers of failed lenders, according to reports.

Sky News said Alan Thomson, a member of the audit and risk committees of HSBC Bank, has already tendered his resignation and will leave the board at the end of October. Meanwhile John Trueman, deputy chairman of the legal entity that manages the UK high street and commercial bank, is also understood to be on the verge of resigning as a result of the rule changes from the Bank. The likely departures of both men are said to be have been caused by proposals from both the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to strengthen accountability for senior ba...