General counsel will not know until next year if they are to be captured in the City watchdog’s accountability regime for top executives.

The Financial Conduct Authority’s consultation on including heads of legal in its senior managers regime closed in January. The Gazette understands that the next step is likely to be a consultation based on the responses received to the FCA’s discussion paper.

The Law Society has warned that including the legal function has the potential to put the lawyer in a conflict of interest situation with their employer, and could affect the lawyer’s ability to provide full and frank advice.