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
Report criticises ministers for lack of long term plan to recruit and retain teachers in important subjects such as physics and maths.
Emergency services rushed to the scene to douse the flames, but there were no immediate reports of casualties.
A motion to remove John Bercow from his position as Speaker of the House of Commons is struggling to find support.