Monday, 14 December 2015

Banks should not be allowed to wash their hands of failings - Kramer

This week Liberal Democrat peers will seek to defeat the Government over plans water down banker accountability.

The Liberal Democrats are aiming to stop the Conservative plan to reverse ‘the burden of proof’ rule that was implemented in the last Parliament by Vince Cable.

The rule, which is due to come into force in March, is triggered when banks are under investigation and had the unanimous backing from the Commission on Banking Standards. The rule forces senior executives to prove they took every step possible to ensure staff behaved ethically and responsibly, rather than regulators having to prove otherwise. Ignorance of malpractice would no longer be a justifiable response.


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