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Proposals to jail reckless bankers

Senior bankers should be personally responsible for malpractice, with a new criminal offence of reckless misconduct in the management of a bank that carries a custodial sentence, the Banking Commission has concluded in its final report.

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City of London: Report has 'some sensible suggestions'

The City of London Corporation welcomed the Parliamentary Commission on Banking Standards report, saying it has put forward "some sensible suggestions" on incentives, improved accountability and increased competition.

View from Greenwich Park across to Canary Wharf and the City of London. Credit: David Davies/PA Archive/Press Association Images

Policy chairman Mark Boleat said: “It is important, however, to note that much work has already been done in this area and the impact of past reforms should be properly assessed before more changes are introduced.

"What the banking sector needs is clarity and certainty from policymakers over the future shape it will be required to take in coming years.

"The City Corporation stands ready to help facilitate dialogue to explore how to implement these recommendations”.

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