LONDON: Britain on Thursday launched a long-awaited consultation on reforming rules brought in after the global financial crisis to make top bankers accountable for their decisions, saying a globally competitive finance sector is key to economic growth.

Britain broke regulatory ground with its Senior Managers and Certification Regime (SM&CR) which applies to senior bankers, and officials at insurers and asset managers.

The regime followed public outrage in the 2007-09 financial crisis over taxpayer bailouts of lenders that saw few individuals punished. “Overall, the government understands there is broad support for the principles and objectives underpinning the regime,” the finance ministry consultation said.