Jail threat for reckless bankers among proposals to clean up banking system
Commission led by Andrew Tyrie recommends jailing bankers for 'reckless misconduct' and enforcing a wait for bonuses
George Osborne is facing pressure to radically overhaul Britain's banks by introducing a new law to jail bankers for "reckless misconduct" and force bankers to wait up to 10 years to receive their bonuses.
The proposals, among the key measures recommended in a major report by the parliamentary commission on banking standards, also include a call on him to consider breaking up the Royal Bank of Scotland. They come ahead of the chancellor's crucial set-piece Mansion House speech to the City on Wednesday night.
The chancellor is urged to restore confidence in the financial system by making top bankers more accountable for their actions in the wake of the 2008 bank bailouts, the Libor rigging scandal, and the shoddy treatment of customers mis-sold payment protection insurance.
The senior Conservative MP Andrew Tyrie, who led the commission, said the 80 or so recommendations were intended to "change banking for good". They also include giving regulators new powers to halt bonus payouts and pensions for bosses of any banks that have to be bailed out by the taxpayer in the future.
http://www.guardian.co.uk/business/2013/jun/19/tyrie-report-banking-reform-jail-sentences
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This should be global
= new reply since forum marked as read
