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
The president-elect said it was important the US improve relations with Beijing, and then immediately criticised China's economic policies.
Tory candidate Caroline Johnson wins vote ahead of Ukip in poll triggered by the resignation of Conservative MP Stephen Phillips.
New test could help doctors identify the signs of lung cancer up to five years before the disease shows up on traditional scans.