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...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.