Once again we return to the question of the power that lobbyists wield.

Does anybody doubt that the Conservative Government has imposed this change following a request by the banking sector, or that ministers are pushing it through with their eye on their own futures?

Labour and Liberal Democrat peers have narrowly failed to overturn government proposals to push through banking regulations they claim will make it easier for senior bankers to escape prosecution following a financial crash.

Several independent peers joined the government to vote down an amendment that would have retained tougher rules on bankers first put in place following the collapse of Britain’s banking system in 2008. The amendment was defeated by two votes.

The new rules had reversed the burden of proof for senior bank and insurance executives, forcing them to show they acted within the law and complied with tough new financial regulations following any collapse or the emergence of wrongdoing.

Conservative peers and legal experts, including the human rights lawyer David Pannick, said the government was justified in switching the burden of proof back to prosecutors to prevent bankers from being unfairly singled out.

Source: Lords fail to overturn government plans to soften rules on banker accountability | Business | The Guardian

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