A report published on Wednesday(19th June 2013) by the Parliamentary Commission on Banking Standards makes an extraordinary recommendation that irresponsible bankers should be prosecuted under a new offence of ‘reckless misconduct’ and, if found guilty, jailed.
NO, surely not. The Bankers that have put us in a global financial crisis finally being held to account? Well, pinch me I must be dreaming.
Why not, I hear you cry? That is a very good question. In negligence a Doctor owes a duty of care to patients, so surely it is time to acknowledge that bankers too have a duty of care because they are the protector of other people’s money and when that goes drastically wrong someone should be held to account.
After all, this is general practice in some other EU nations, most noticeably Iceland which recently jailed Larus Welding, the former chief executive officer of failed Icelandic bank Glitnir, and Gudmundur Hjaltason, a former director at the bank, have each been sentenced to nine months in jail for fraud, a court ruled.
So is this phenomenon about to come to the UK?
You can view all the responses by various people and groups here: http://www.guardian.co.uk/business/2013/jun/19/parliamentary-commission-banking-standards-reaction-full