Reckless bankers should be jailed for their misconduct. This is the recommendation of a report from the Parliamentary Commission on Banking Standards.Its final report, titled Changing Banking for Good, was released on June 19th with recommendations on how the financial sector needs to be reformed.The report criticised the lack of accountability for senior bankers and pushed the idea that their bonuses should be withheld for ten years.Additionally, it suggested that if a bank is found guilty of malpractice then the legal onus should be on senior bankers to prove they did all that was possible to ensure this wasn't happening.The commission had been studying the practices of banks, looking at instances of misconduct, and formulating ideas about how issues should be tackled.Andrew Tyrie, chair of the commission, said: "Recent scandals, not least the fixing of the Libor rate that prompted parliament to establish this commission, have exposed shocking and widespread malpractice."He explained that customers had been the ones to lose out thanks to banking practices and that trust in the financial sector had been lowered significantly.Charles BakerCharles is a reputed financial analyst with decades of experience under his belt.
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