UK Reforms Would Criminalize Banker Recklessness

Law360, New York (July 8, 2013, 3:01 PM EDT) -- The U.K. Treasury on Monday largely backed a parliamentary commission report calling for potential criminal charges for reckless behavior by senior bankers and stronger controls on payment practices, saying the proposed reforms would restore confidence in the British banking system.

According to the Treasury, the British government supports the principal findings of the June Parliamentary Commission on Banking Standards report — titled “Changing Banking for Good" — and intends to implement the commission’s main recommendations to address failings in individual accountability, corporate governance, competition and long...
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