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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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'Greater individual responsibility' in banking needed

The chairman of the Commission on Banking Standards has spoken of his hopes for the future of the UK's banks as it publishes its final report.

Andrew Tyrie told ITV News: "We have to get to the position where there is much greater individual responsibility in banks for the actions taken and for the risks taken, not only on behalf of customers but ultimately on behalf of all of us, when things go very wrong and taxpayers have to step in.

"The primary task is to identify which individuals are bearing which risks and to make sure they are incentivised in the right way to try and bear down on these risks".

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