Next month, the Securities and Investments Board, Britain's chief markets watchdog, plans to publish draft guidelines on the responsibilities of senior bank managers.

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Sir David, a former executive director of the Bank of England and former chairman of the Securities and Investments Board, he is now a senior adviser at Morgan Stanley International.

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Even now, there are whispers of bickering behind the scenes: the Bank of England, the Securities and Investments Board (the City's chief markets watchdog) and the Securities and Futures Authority (which regulates investment banks) cannot agree on proposed new rules detailing the responsibility of senior bank managers.

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