U.K. Banks Protest BOE Stress Test Plan to Remove Executives

British banks protested plans by the Bank of England to remove senior executives if stress tests uncover weaknesses as the regulator gears up for its first round of health checks on the country’s financial system.

Forcing a change in management at a bank that failed the review “went beyond the remit of stress testing,” according to the central bank, which today published a summary of responses to its proposals.