UK Watchdog Calls For Overhaul Of Banker Oversight, Pay

Law360, New York (June 19, 2013, 4:46 PM EDT) -- Senior bankers must be held more accountable for their actions, including facing the risk of criminal charges for particularly reckless behavior, a U.K. parliamentary commission said Wednesday in a report proposing a banking system overhaul that also calls for stronger controls on payment practices.

According to the Parliamentary Commission on Banking Standards, there had been a “misalignment of incentives” for senior banking staff, leading to regular lapses in banking standards, which had been exposed in a number of recent scandals, such as the Libor rate-rigging scandal that...
To view the full article, register now.