UK regulators must take care not to scare non-executive directors from joining bank boards as it works to make those in the industry more accountable for misconduct, senior executives at UK banks have warned.

The warnings come after the introduction of the UK's new Senior Managers Regime on March 7. The SMR, run by the Financial Conduct Authority and Prudential Regulation Authority, requires UK banks and insurers to detail to regulators the responsibilities of their most senior executives and non-executives - a move designed to help regulators trace responsibilities within organisations and enable them to hold senior individuals to account for any wrongdoing that occurs on their watch.