Risky Bankers Could Be Jailed

Risky Bankers Could Be Jailed.

Speaking at the Conservative Party Conference this week, Chancellor of the Exchequer, George Osborne has confirmed an amendment to the Treasury's Banking Reform Bill confirming that if a banker takes unnecessary risk with bank investments or funds that could be to the industry or the consumer detriment as a whole, they face prosecution and jail.

The Bill should be an Act of Law, starting in 2014.

The Banking Reform Bill will mean that scandals such as:

• Libor interest rate rigging scandal

• PPI mis-selling

• Toxic mortgage debt and the credit crunch

Will hopefully become a thing of the past.

Comment

We have long campaigned for accountability both at a senior executive position of many banking groups, that risk the most consumer detriment if they are not ethical, as well as regulators themselves being accountable for failure to regulate properly.

Regulators and the law have always been available to prosecute for fraudulent and "insider trading" activities but this change to the Bill should make bankers much more aware of the risks they are taking with our economy and the financial welfare of every man, woman, child and business in this country.

Whether you are a banker, insurer, investment, pension house or financial adviser, you should be held to account of you do not perform your duties with a view to absolute consumer protection.