Senior teams at the UK's largest asset managers are likely to face extensive upheaval in the new year, but regulators have given firms more time to prepare for new rules boosting personal accountability in the financial sector.

The Financial Conduct Authority and Prudential Regulation Authority today unveiled plans to extend the UK's Senior Managers and Certification Regime to around 47,000 firms. The accountability rules, first introduced for banks in 2016, aim to make senior executives personally responsible for misconduct.