Uk’s ‘reckless Banking’ Charge To Carry Seven-year Jail Term

“Today’s amendments mark the final part of the government’s plan for the biggest ever overhaul of the UK banking system,” a finance ministry spokesman said. Led by Conservative lawmaker Andrew Tyrie, the Parliamentary Commission on Banking Standards produced its final 500-page report in June. Chancellor George Osborne said the government accepted its main recommendations, although he did not agree with some proposals. Unusually, and to the annoyance of Tyrie and opposition lawmakers, the bill is undergoing significant changes in the un-elected upper house of the British parliament because the government wanted to avoid lengthy delays in the lower house. The new ‘reckless banker’ offence would apply to those listed on a newly-established register of senior bankers if they make decisions which lead to the failure of a bank, or fail to stop other making such decisions. “The maximum sentence for the new offence is seven years in prison and/or an unlimited fine,” a briefing note by the finance ministry said. “The new offence will strengthen individual accountability for senior bankers, and act as a deterrent against misconduct.” The government also said it would accelerate the process of splitting up any bank which tries to circumvent new rules designed to ring-fence their retail operations from riskier investment banking activities. Fearing that banks might try to circumvent those rules, earlier this year the Parliamentary Commission on Banking Standards (PCBS) recommended a backstop power that could force full separation if a bank didn’t stick to the spirit of the legislation. “Banks will game the rules unless discouraged from doing so,” said Tyrie. “The revised amendments enable the regulator to split a bank which tries. That creates a strong deterrent against gaming the ring fence.” The government has also adopted the commission’s proposal that the Prudential Regulation Authority (PRA), one of Britain’s new financial supervisors, be asked to promote competition within the industry. It is keen to break the dominance of the country’s biggest four lenders – Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC – which control around three quarters of UK retail accounts. The requirement will be secondary the PRA’s main objective of ensuring the financial safety of the firms it regulates.

UK tabloid suspends staff in row with Miliband

“Sending a reporter to my late uncle’s memorial crosses a line of common decency,” Miliband wrote. “I believe it a symptom of the culture and practices of both the Daily Mail and the Mail on Sunday.” He said his family were “understandably appalled and shocked” and called for an internal investigation. Miliband’s mention of “culture and practices” harks back to the terms of a major inquiry into the British press launched in the wake of the phone-hacking scandal at Rupert Murdoch’s News of the World tabloid in 2011. He said he was not going to bother complaining to Britain’s “widely discredited” Press Complaints Commission (PCC), which is set to be replaced by a new regulatory body in the wake of the scandal. But the creation of the new watchdog has been delayed by a disagreement between the British press and lawmakers over the extent of state involvement. The head of the PCC, David Hunt, said it would “continue to follow this matter closely” and would “of course, take forward a complaint from the Miliband family, should we receive one”. Miliband has already complained to the Daily Mail over its article on Saturday about his father, which came after the Labour leader unveiled an increasingly left-leaning stance at his party conference last month. Critics of the newspaper pointed out that Ralph Miliband, who died in 1994, served in the British navy during World War II after fleeing Belgium as a Jewish refugee in 1940. Ed Miliband defeated his own brother David — foreign minister under prime minister Gordon Brown — in a battle for the Labour leadership in 2010. David Miliband, who has left British politics and is now working in the United States as president of the International Rescue Committee, welcomed the apology. “Woken up in San Francisco to texts about my uncle Harry. Unbelievable,” he said on Twitter. “Glad there has been an apology. He was a lovely man.” Politics & Government If you’re attending one of the worlds top universities, chances are high you’re an English-speaking student on a leafy campus in the United States or the United Kingdom. Christian Science Monitor Washington (AFP) – US President Barack Obama demanded an end to a three-day government shutdown he decried as a reckless “farce,” piling pressure on Republicans Thursday to climb down first on a budget impasse. AFP Rep.