Senior bankers should face jail and the loss of millions of pounds in bonuses if they are involved in a future banking collapse, according to a report by a cross-party group of MPs and peers.
by Harry Wilson, The Telegraph:
The Government has been urged to introduce a new criminal offence for “senior persons” who run banks in a “reckless manner”, as well as much more stringent clawback rules that could see managers being stripped of several years’ worth of pay.
Andrew Tyrie MP, the chairman of the Commission on Banking Standards, warned that bankers had escaped “personal responsibility” for their actions, and said that drastic reforms were the only way to restore trust in banks.
“Where the standards of individuals, especially those in senior roles, have fallen short, clear lines of accountability and enforceable sanctions are needed,” Mr Tyrie said.
Among the main recommendations of the 570-page report are:
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