Tuesday, 26 November 2013

Pressure builds for tougher UK bank reform

George Osborne will on Tuesday face fresh demands to toughen up “inadequate” new banking regulation as public pressure mounts over the controversies plaguing Royal Bank of Scotland, the Co-operative Bank and payday lenders.
Justin Welby, the Archbishop of Canterbury, will join Lord Lawson, the former Tory chancellor, and other senior peers in seeking to amend Mr Osborne’s banking reform bill, which is intended to draw a line under the banking scandals of the last five years.The peers want a robust licensing regime for senior bankers below board level, draconian sanctions for banks that undermine the new “ringfence” separating high street lending from investment banking and other new powers for regulators.
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