Tory government waters down the financial regulations MPs said they supported yesterday

Perhaps we all misheard, but didn’t John Redwood say the Conservative Party had supported stronger financial regulations prior to the global crisis of 2008, in a debate on Tuesday?

Now the Conservative Government is undoing the only such piece of useful regulation it has imposed in more than five years of government – a term in office founded partly on a promise to deal justice to those responsible for mismanaging the banks.

Perhaps Mr Redwood would like to explain the meaning of this?

Treasury moves to dilute a key part of the new regime intended to make top bank bosses more accountable will face scrutiny from a powerful committee of MPs next week.

In a move seen as a sign that the government is softening its stance toward the industry, the Treasury said that it was dropping a plan to “reverse the burden of proof” for managers, which would have forced them to demonstrate they had done the right thing if wrongdoing emerged on their watch.

As the Treasury announced that the regime would also be extended to other parts of the financial services industry, it said that senior managers would be subject instead to a “duty of responsibility” clause, requiring them only to take appropriate steps to prevent a regulatory breach.

The regime was one of the ideas from the parliamentary commission on banking standards, chaired by Conservative MP Andrew Tyrie and established in the wake of Barclays’ £290m fine in 2012 for rigging Libor.

Tyrie, who also chairs the Treasury select committee, said he hoped the move had not been a response to industry lobbying.

Source: UK government waters down financial regulation regime | Business | The Guardian

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7 thoughts on “Tory government waters down the financial regulations MPs said they supported yesterday

  1. Paul C. Dickie

    But we’ll still be told that the recession was somehow “all Labour’s fault”, because neither the banks nor their Tory chums can possibly have done anything wrong.

    The problem is that too many people will continue to believe such nonsense.

  2. Paul C. Dickie

    And yet, once more, the tail wags the dog.

    Banks threaten to move their head offices overseas, and the “Government” caves in to the demands made by the banks.

    If the bankers had demanded the right to celebrate with snorts of cocaine, would their favourite marching powder be legalised?

  3. John Gaines

    A sure sign that the Dirty City has won the political high ground. Banksters and Skunk Bond floggers -are now free to swindle y’all again.

    Since 2007, the UK’s indebtedness’s has soared to some £18 Trillion of corporate and Bankster debt, no need to guess who will end up paying for it…..YOU!

    1. Mike Sivier Post author

      £18 trillion?
      And we all thought it was only £1.5 trillion. (ONLY?)
      Would you mind pointing us to information about the other £16.5 trillion?

      1. Peter Wyatt

        The National Debt is £1.5 trillion, The inferstructure debt as more than doubled since privatasion and handing over public sector to the private sector to run. there are 3 types of debts, but this government calls them all the same and only publish the lower of the figures. when all 3 are added together the total debt is well over £10 trillion.

  4. Dez

    The whiff of greasy greed wafts again with weak politicians lacking the necessary spheres to actually stand up to these overpaid shiesters. The lobby industry has a lot to answer for however it comes back down to the integrity or lack of by our so called representatives…..

  5. Peter Wyatt

    When going to a medical check up “ATOS”, don’t be surprise to see lies and misleading words printed on the copy of the form that the nurses or doctors fill out, A case as been pointed out to me locally when ask about the medication that they are on, The nurse was told of the side effects that they was getting, but on the form reprinted off what was said, but at the end added to it was “Unsual Side Effects” this is a lie but not a direct lie so they can be accuse of the lie. Big enough so they can put down zero points awarded for that section.
    When I read the leaflet inside the box of Tramadol, reading the part about side effects it turns out the side effects this person was getting, was listed on the leafletts, this person was also on Amitriptyline also whitch also as side effects listed closely the same. Are these people real Doctors and Nurses, It makes you wonder not knowing the side effects of controlled medication drugs, there is no way I would like be treated for an illness by these people. They would make the illness worse, by not knowing what they are doing.

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