BBC: Jail reckless bankers, standards commission urges

mutmekep · Jun 19, 2013

Senior bankers guilty of reckless misconduct should be jailed, a long-awaited report on banking commissioned by the government has recommended.The Parliamentary Commission on Banking Standards was set up by Chancellor George Osborne last year after a number of scandals involving the industry.The cross-party group's fifth report attacked the lack of accountability of bankers and also said some bonuses should be withheld for up to 10 years.
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The report advocated:

senior bankers should be assigned clear personal responsibilities, with the legal onus on them to show they have done all that is reasonably required

recklessly disregarding these responsibilities should be made a criminal offence - including a possible prison sentence

senior bankers - and anyone in a position to cause the bank serious harm, such as top traders - should adhere to a new set of banking standards set by regulators

pay for bankers should be deferred for up to 10 years, with the ultimate payout linked to the long-term performance of the bank and of the employee's particular business area

deferred pay and pension rights should also be cancellable if a banker misbehaves, or - in the case of senior managers - if the bank has to be bailed out

banks should be legally required to put financial safety ahead of shareholder interests

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source BBC

Impressive proposal coming from the most unlikely EU country.

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BBC: Jail reckless bankers, standards commission urges

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