It wasn't just UK bankers who worried about 'guilty' rule - Osborne
LONDON (Reuters) - British regulators as well as bankers raised concerns about a now ditched 'guilty until proven innocent' rule for cracking down on reckless behaviour in the finance industry, Chancellor of the Exchequer George Osborne said on Thursday.
Osborne told lawmakers there had been a widespread view that the proposed reverse burden of proof rule could not be extended beyond banks, something which conflicted with the plan to bring other financial firms under a tougher regulatory regime.
The finance ministry said last week it would scrap the reverse burden of proof rule that would have required senior managers at financial services firms to prove they had taken steps to prevent misconduct by employees.
Osborne denied he had buckled in the face of pressure from the banking industry. "I have not shied away from taking some very difficult decisions in terms of tightening regulation over the banking system."
(Reporting by William Schomberg and Ana Nicolaci da Costa)
