New rules which could mean rule-breaking bankers having their bonuses taken away are a 'big positive step', said Business Secretary Vince Cable.
The regulations will make bankers operate 'more responsibly' he said.
" I don't think anyone would have a quarrel with this. We have suffered enormously from the collapse of the banking system. We need to have a system of penalties in place to make sure this doesn't happen again," Dr Cable added.
More top news
Michel Platini has formally announced that he intends to stand for the Fifa presidency when Sepp Blatter vacates the position
Microsoft's new system Windows 10 has been met with approval after its disastrous predecessor but users have yet to be entirely convinced.
Alton Towers crash victim Leah Washington, who lost a leg as a result of the horrific incident, celebrated her 18th birthday last night.