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
Freezing temperatures, a biting wind and risk of snow into next week
Austerity and Brexit are dividing Britons and causing a "schism" in society, the Archbishop of Canterbury has warned.
A taxi driver has been suspended after inspectors found he was using a Costa Coffee lid as a fuel cap.