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Showing posts with the label reforms

Sweeping banking reforms wont protect the public from crisis

Sweeping reforms to Britain’s scandal hit banks will fail to protect the public from another financial crisis, the Government will be warned today. In an embarrassing rebuke, the influential banking commission of MPs and peers accuses the government of succumbing to powerful lobbying from banks. It criticises the coalition for trying to ‘railroad ‘ through watered down plans to make the banking system safer, and calls for more hard line powers to break up all lenders’ High Street operations from their ‘casino’ banks if they try to break new rules. Warning: The banking commission says the Coalition has tried to 'railroad' through weak laws and calls for hardline powers to split High Street lenders from 'casimo' banks if they break rules The government’s arguments for rejecting tougher rules are rejected as ‘insubstantial’. The banking commission was set up by the Chancellor last summer after Barclays was fined £290 million for manipulating crucial ‘Li