Section 36(1)

A person (“S”) commits an offence if— at a time when S is a senior manager in relation to a financial institution (“F”), S— takes, or agrees to the taking of, a decision by or on behalf of F as to the way in which the business of a group institution is to be carried on, or fails to take steps that S could take to prevent such a decision being taken, at the time of the decision, S is aware of a risk that the implementation of the decision may cause the failure of the group institution, in all the circumstances, S's conduct in relation to the taking of the decision falls far below what could reasonably be expected of a person in S's position, and the implementation of the decision causes the failure of the group institution.

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Source: legislation.gov.uk · retrieved 2026-09-04